Final Accounts
This query is : Resolved
Neethu Abraham
(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
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
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
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
Neethu Abraham
(Querist)
22 May 2011
answer key shows option (c) P&LA/c
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