Journal entry..??
Sri Nivas (23 Points)
13 July 2016
Stock – 1,00,000/-
Sale of Stock 40,000/-
Loss on Fire 10,000/-
Insurance Claimed 10,000/-
Required journal entry please..!!
Sri Nivas
(23 Points)
Replied 13 July 2016
| 1 | Cash A/c | Dr. | 70000 |
| Insurance Alim recived | Dr. | 5000 | |
| Loss on Fire | Dr. | 5000 | |
| Los on Sale | Dr. | 20000 | |
| To Inventory | Cr. | - 100,000.00 | |
| 2 | P & L A/c | Dr. | 25000 |
| Los on Sale | Cr. | -20000 | |
| Loss on Fire | Cr. | -5000 |
Is this entry Correct./.??? Kindly advise me if i'm wrong..!!
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