journal entry
This query is : Resolved
ganesh mundlik
(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
goods destroyed by fire costing rs 300 but insurance company settled claim for rs 280.pls urgent
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/=
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/=
CA. GOPAL SONIKA
(Expert)
20 April 2008
Insurance Co. Dr280
Loss of Stock Dr20
To Goods destroyed 300
Loss of Stock Dr20
To Goods destroyed 300
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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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