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Discussion > Accounts > A/c entries >

goods destoryed by fire

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[ Scorecard : 28]
Posted On 26 April 2010 at 12:21 Report Abuse

I need the journal entires to be passed when goods are destoryed by fire. Also suggest its accounting treatment in books of accounts.

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Himansu Sekhar Pati
CA Final

[ Scorecard : 208]
Posted On 26 April 2010 at 12:43

Rohit is right

But I think

If U received the full claim amount from the insurance company U cant

Debit Goods Lost by Fire to Profit & Loss A/c

Only the excess of goods lost over the insurance claim received u can

debit to profit & loss a/c

Himanshu Bansal
Chartered Accountant

[ Scorecard : 2175]
Posted On 27 April 2010 at 22:18

Originally posted by : Rohit

Goods Lost on fire a/c - Dr. $x(say)
To, Trading a/c $x
(Transfer Entry)

Insurance claim a/c - Dr. $y
To, Goods Lost on fire a/c $y

Insurance Claim $y goes to asset side of B/S
& Goods Lost on fire also goes to Dr. side of P/L ($x-$y)


+ 1

shakuntala chhangani
FCA Course co-ordinator WIRC coaching centre

[ Scorecard : 2320]
Posted On 28 April 2010 at 02:07


Final Student

[ Scorecard : 105]
Posted On 28 April 2010 at 12:36

good lost by fire Dr (By amt of lost)

to Stock A/c


Insurance Co. A/c Dr (Loss accept by insurance co.)

P&L A/c Dr. (amt. not accepted by insurance co.)

To Good lost by fire

samadhan sahebrao patil

[ Scorecard : 25]
Posted On 09 January 2014 at 13:03


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