Loss due to fire
This query is : Resolved
23 September 2015
MY TOTAL CLAIM IS FOR Rs 11000000 (STOCK Rs 7700000, BLDG ETC Rs 3300000)
EXPECT TO GET Rs 8000000 FROM INSURNACE COMPANY HOW DO I PASS ENTRIES IN THE BOOKS OF ACCOUNTS IN TALLY
EXPECT TO GET Rs 8000000 FROM INSURNACE COMPANY HOW DO I PASS ENTRIES IN THE BOOKS OF ACCOUNTS IN TALLY
23 September 2015
Insurance company in its payment advice specifies the amount sanctioned against each viz. stock and building.
Book the expenses accordingly.
Assuming 70L for the stock and 10 L for the building
Debit Bank 80 L
Credit Loss by fire of stock 70L
Credit Loss by fire of building 10L
Book the expenses accordingly.
Assuming 70L for the stock and 10 L for the building
Debit Bank 80 L
Credit Loss by fire of stock 70L
Credit Loss by fire of building 10L
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