what is the journal about
good lost by fire 20000 and the insurance company claim only 30%
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Answer:Journal entry would be-
1. Good lost by fire of 20000
Loss of stock by fire A/C ....Dr. 20000
To Purchases A/C 20000
2. Insurance company claim 30% i.e.
Insurance CO. A/C ....Dr. 6000
To Loss of stock by fire A/C 6000
Explanation:
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