Goods lost in railway transit rs 50,000, by fire rs 30,000

1.	Goods lost in railway transit rs 50,000, by fire rs 30,000
Answer» Explanation: Journal Entries to be passed when INSURANCE claim is accepted by insurance company on LOSS of goods by fire : Loss by fire A/c. Dr. To trading A/c (Being purchase account decreased) Insurance claim A/c. Dr. To loss by fire A/c (Being ins. claim lodged and loss by fire account nulified) Bank A/c. Dr. P&L A/c Dr. To insurance claim A/c (Being claim settled)

Answer»

Explanation:

Journal Entries to be passed when INSURANCE claim is accepted by insurance company on LOSS of goods by fire :

Loss by fire A/c. Dr.

To trading A/c

(Being purchase account decreased)

Insurance claim A/c. Dr.

To loss by fire A/c

(Being ins. claim lodged and loss by fire account nulified)

Bank A/c. Dr.

P&L A/c Dr.

To insurance claim A/c

(Being claim settled)

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Goods lost in railway transit rs 50,000, by fire rs 30,000

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