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I need the journal entires to be passed when goods are destoryed by fire. Also suggest its accounting treatment in books of accounts.
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
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
TALLY GROUP FOR GOODS LOST BY FIRE
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