Question

Goods worth 75,000 was burnt in fire during the course of the year damage goods were sold for 30,000.
which is included in the item of sales. Insurance company has agreed pay 37.500 as claim but the amount
is still to be received.

give entire.​

Answer 1

Answer:

Insurance Co. Claim A/c dr. 37,500

Profit &Loss A/C dr. 10,000

To Purchase 45,000