Stock insurance

Perfect. But depends upon what software and accounts you use. Eg when you enter the transactions in a related ledger, the software will identify and transfer the amounts properly. Hence, journal entries will not be adequate for some transactions. 

Purchases a/c

To Creditors a/c

when you clear off the payables

creditors a/c

To Bank a/c

then how will you pass on the fixed asset recognition entry?

So people will first account for the asset and cash like

Asset a/c

To Payables a/c

and when amount is cleared

Payables

To Bank

then how will you recognise purchases?

So ledger account balances are taken into account or maybe use closing entries.