Accountancy, asked by tanishtha02, 11 months ago

journal entry of "Machinery worth * 60,000 was insured for 50,000 and paid insurance premium @ 2%"​

Answers

Answered by tarunjain7
7

Answer:

insurance premium Dr. 1000

To bank 1000

Explanation:

Insurance premium is expenses and so it will be dr.

Insurance premium will be calculated on insured amount i.e. 2%of 50000

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