Insurance claim entry and goods stolen entry

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aakash pandey (Querist)
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23 June 2016 1)transaction :- Goods worth Rs. 100000/- by fire insurance co and admitted claim with paid by insurance co. 60% discount???
2) Goods worth Rs. 50000/- and cash 20000/- stolen by employee ????
please , give me the ans. of above transaction entry with explanation and which ledger would be created under this trans. and under the group of ledger ???

Rupesh Jain

Rupesh Jain (Expert)
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24 June 2016 1) its loss on fire of goods.

bank a/.c 40000
loss by fire 60000
to purchases 100000

2") loss by theft 70000
to cash a/c 20000
to purchases 50000

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