Accountancy, asked by swetasingh0930, 8 months ago

Goods worth Rs. 5,000 destroyed by fire, insurance company paid 40%

amount only.​

Answers

Answered by fayiq0t
1

2000

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Answered by AditiHegde
0

Given:

Goods worth Rs. 5,000 destroyed by fire, insurance company paid 40%  amount only.​

To find:

The entries in the book of account.

Solution:

From given, we have the statement, "Goods worth Rs. 5,000 destroyed by fire, the insurance company paid 40%  amount only.​"

The entries in the book of account are to be done as follows.

To Purchase A/c Rs. 5000

The loss by fire 60/100 × 5000 = Rs. 3000

The insurance Co. A/c Dr. 40/100 × 5000 = Rs. 2000

To Purchase A/c Rs. 5000

The loss by fire Rs. 3000

The insurance Co. A/c Dr. Rs. 2000

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