There was a loss by fire of Rs. 10,000 but company approved the claim of only Rs. 8,000. This difference of Rs. 2,000 will be debited to _________.
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Following entries will be passed.
1) For recording loss
Loss by fire A/c ..dr. 10,000
To Purchase A/c. 10,000
2) For recording approval of claim
Insurance company A/c ..dr. 8,000
Profit & loss A/c ....dr. 2,000
To Loss by fire A/c. 10,000
1) For recording loss
Loss by fire A/c ..dr. 10,000
To Purchase A/c. 10,000
2) For recording approval of claim
Insurance company A/c ..dr. 8,000
Profit & loss A/c ....dr. 2,000
To Loss by fire A/c. 10,000
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0
Answer:
fire loss a/c
Explanation:
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