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