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journal entry

This query is : Resolved 
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(Querist)
19 April 2008 i want journal entry of ------
goods destroyed by fire costing rs 300 but insurance company settled claim for rs 280.pls urgent
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
19 April 2008 when Goods Destroyed by fire first of all entery should be passed

Insurance claim receivable Dr Rs.300/=
Goods Purchase A/c Cr.Rs.300/=

Now when claim recd these two entery should be passed

Bank A/C Dr. 280/=
Insurance claim receivable Cr. 280/=

loss on fire costing Dr. 20/=
Insurance claim receivable Cr. 20/=
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CA. GOPAL SONIKA

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CA. GOPAL SONIKA (Expert)
20 April 2008 Insurance Co. Dr280
Loss of Stock Dr20

To Goods destroyed 300
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DURVI

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DURVI (Expert)
26 April 2008 Insurance co. have sanction the amount upto Rs.280,so the amount is debited to the Insurance Co. Loss - Debit and Goods go out - destroyed so credit with the amount of goods.
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