TREATMENT OF LOSS BY FIRE AND INSURANCE CLAIM
This query is : Resolved
17 March 2009
DEAR ALL,
TRADING STOCK & FIXED ASSETS ARE LOST BY FIRE. CLAIM IS FILED AGAINST IT.
QTY VALE
TRADING STOCK 1500KG 150000
COMPUTER 1 WDV 1000
CLAIM FILED FOR 150000 PLUS 20000 FOR NEW COMPUTER.
WHAT IS TREATMENT OF ENTRY.
PLZ EXPLAIN IN DETAIL.
TRADING STOCK & FIXED ASSETS ARE LOST BY FIRE. CLAIM IS FILED AGAINST IT.
QTY VALE
TRADING STOCK 1500KG 150000
COMPUTER 1 WDV 1000
CLAIM FILED FOR 150000 PLUS 20000 FOR NEW COMPUTER.
WHAT IS TREATMENT OF ENTRY.
PLZ EXPLAIN IN DETAIL.
HUZAIFA HUSSAIN
(Expert)
17 March 2009
IF CLAIM IS RECEIVED
CASH/ BANK A/C DR 150000
TO STOCK 150000
CASH / BANK A/C 20000
TO P & L 19000
TO COMPUTER 1000
CASH/ BANK A/C DR 150000
TO STOCK 150000
CASH / BANK A/C 20000
TO P & L 19000
TO COMPUTER 1000
18 March 2009
Dear Mr. Hussain,
Thanks for reply.
If I am right, then First of all, Entry for loss by fire should be passed in March 09, then entry for claim will be passed which will be recd in next financial year april 2009
Plz clear it.
Thanks for reply.
If I am right, then First of all, Entry for loss by fire should be passed in March 09, then entry for claim will be passed which will be recd in next financial year april 2009
Plz clear it.
02 August 2025
https://docs.google.com/document/d/1cKQGq5Tnsot1SC-yzBsnV8BocpNk4Lf0piVBjdzKpGY/edit?usp=sharing
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