Solve journal entry question................!!

Pass the journal entry

1) Goods worth Rs. 500 were damaged in transit ; a claim was made on the railway authorities for the same

2) Sold 40 shares in Bharat Ltd. @ Rs 18 per share, bokerage paid Rs 15.

 

Replies (4)

For 1..

WHETHER CLAIM IS RECEIVED OR NOT............????????????

Loss in transit A/c.........Dr     500

            To Goods A/c                           500

(Being Goods Lost in trasit)

When claim is received

Cash/Bank A/c ...........Dr       500

         To Loss in transit A/c                500

(Being claim is received from railway)

For 2..

Brokerage A/c ........Dr.      15

              To Bank A/c                       15

(Being Brokerage paid on sale of shares)

Bank A/c .................Dr. (40*18)    720      

             To Shares in bhart ltd A/c          720

(Being shares in bharat ltd sold @ 18 per share)

 

OR

 

Bank A/c..................Dr     705

Brokerage A/c.........Dr       15

              To    Shares in Bharat Ltd A/c     720

(Being shares in bharat ltd sold @ 18 per share and brokerage paid for the same)

Same...Agreed wid vikas..
Agrreeeeeeee with vikas....

BUT WHAT IS THE GOLDEN RULE FOR INSURANCE CLAIM ADMITTED?

FOR EG.IF WE PURCHASE ANY ASSET WE RECITE ''ASSET COMES IN''  AND ''CASH GOES OUT''.....LIKE THIS WHAT'S THE GOLDEN RULE FOR INSURANCE CLAIM?

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