Loss by fire of goods rs.2000 out of which 1500 is claimed by insurance co. And 200 recieved by sale of damged goods
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loss on goods by fire a/c Dr 2000
To trading a/c 2000
(goods destroyed by fire is adjusted in trading a/c)
Profit and loss a/c Dr 300
Sales a/c Dr 200
Insurance co. a/c Dr 1500
To goods loss by fire 2000
(Cliamed by insurance co. , the damaged goods sold ,and the loss is adjusted in the p&l a/ c)
Hope it's helpful
loss on goods by fire a/c Dr 2000
To trading a/c 2000
(goods destroyed by fire is adjusted in trading a/c)
Profit and loss a/c Dr 300
Sales a/c Dr 200
Insurance co. a/c Dr 1500
To goods loss by fire 2000
(Cliamed by insurance co. , the damaged goods sold ,and the loss is adjusted in the p&l a/ c)
Hope it's helpful
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