Question

lost by fire claim is received by insurance in full settlement cheque of RS 500000 and deposited in HSBC a/c

plz tell me ledger & grouping ​

Answer 1

Thanks for asking :)

Answer :

_________________________________

First Entry

➡️ Lost by fire Ac Dr....500000/-

To, Insurance Claim Ac Cr..500000/-

( Being Goods lost by fire, claim received )

Second Entry

Bank Ac Dr.....500000

To, Insurance Claim Ac Cr...500000

( Being Insurance claimed check deposited into bank )

_________________________________