Journal entery of Goods lost by fire Rs. 5,000. Insurance company admitted claim of Rs. 3,000
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CR SIDE OF TRADING ACCOUNT.
BY INSURED GOODS LOSS BY FIRE AC
DR SIDE OF PROFIT & LOSS ACCOUNT
TO LOSS BY FIRE. AC
ASSET SIDE OF BALANCE SHEET.
ADMITTED A CLAIM ON LOSS BY FIRE
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CR SIDE OF TRADING ACCOUNT.
BY INSURED GOODS LOSS BY FIRE AC
DR SIDE OF PROFIT & LOSS ACCOUNT
TO LOSS BY FIRE. AC
ASSET SIDE OF BALANCE SHEET.
ADMITTED A CLAIM ON LOSS BY FIRE
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Answer:
The Journal entry is as follows:
Explanation:
Lost by fire a/C Dr 2,000
Insurance company a/C Dr 3,000
To purchase a/C 5,000
Narration:
(being goods lost by fire and claim admitted by an insurance company)
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