Question

pass journal entry - Goods destroyed by fire which was purchase @5% at Rs 10000 on same date company claim for insurance but insurance company accept only 60% .​

Answer 1

Thanks for asking :)

Answer :

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Journal Entry :-

➡️ loss by fire Ac Dr....6000/-

Insurance Co. Ac Dr....4000/-

To, Purchase Ac Cr...10000/-

( Being Goods destroyed by fire, insurance Co. Admitted claim )

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