Question

stock valued at rs 1500 destroyed by fire in 25-3-10 but the insurance company admitted claim for rs 950 only and paid it on 10-4-10​

Answer 1

Answer:

loss by fire a/c Dr

to purchase a/c 1,500

insurance company a/c Dr 950

profit and loss a/c Dr 550

to loss by fire a/c 1500