Question

✳️write a journal entry for


✴️Goods lost by fire Rs5000 & insurance company claim accepted rs 4000.


✔️Ans must be relevant
No spamming❎

Answer 1

Loss by fire a/c Dr -1000

Insurance claim a/c Dr - 4000

To purchase a/c- 5000

(Being goods lost by fire and insurance claim accepted)

Thanks

Answer 2

Loss by fire a/c Dr -1000

Insurance claim a/c Dr - 4000

To purchase a/c- 5000

(Being goods lost by fire and insurance claim accepted)

Explanation:

In this given question we are passing a journal entry for goods lost by fire worth 5000 rupees and the insurance company accepted the claim of rupees 4000.

Here we will debit a loss by fire account due to the fact that the 1000 rupees is a loss/ expense for the firm, we will debit Insurance claim for rupees 4000 because the cash is increasing by 4000, we will credit purchase account as a purchase account has a Credit nature.

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