Question

journal entry.....goods of ₹6000 by fire and we're not insured. these goods were purchased from outside the state​

Answer 1

Answer:

The first Case where you receive the total of the claim:

Insurance A/c Dr… 10,000

To Stock A/c 10,000

(Being goods lost by fire)

Bank A/c Dr… 10,000

To Insurance A/c 10,000

(Being the insurance claim rcvd.)

The Second case where you receive a part of the claim, say INR 8000:

Insurance A/c Dr… 8,000

Abnormal Loss A/c Dr… 2,000

To Stock A/c 10,000

(Being goods lost by fire )

Bank A/c Dr… 8,000

To Insurance A/c 8000

(Being the goods Lost By fire

Explanation:

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