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Final Accounts

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(Querist)
21 May 2011 Ques:
Goods destroyed by fire Rs.80,000 and insurance company admitted 50% claim.This adjustment will be entered in
Options:
(a) Balance sheet
(b) Trading A/C
(c) P&LA/C
(d) All of the above
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
21 May 2011 d)all of the above

because. Goods loss need to adjusted in stock in Trading account

Loss on goods (after adjusting insurance) need to be shown in profit&loss a/c

Stock adjustment and Insurance claim receivable need to be shown in Balance sheet
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Neethu Abraham

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Neethu Abraham (Querist)
22 May 2011 answer key shows option (c) P&LA/c
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