Due to heavy rain Godwon roof leakage and damage some goods wroth rs.19800/- its conver under insurance Please advise tous below entry is right or wrong
Dr. Insurance clain receivale ( Under Current assets) Cr. Purchase account
21 June 2020
First Book Loss Loss on Damage A/c Dr. To Stock A/c When Insurance claim receivable Insurance claim receivable Dr To Loss on damage when amount received Bank A/c Dr To insurance claim receivable
CAclubindia
