Goods worth rupees 100000 were destroyed by fire. Insurance company ad

1.	Goods worth rupees 100000 were destroyed by fire. Insurance company admited and paid claim for 60% . Give journal entry
Answer» ANSWER: loss by fire a/c. dr. 100000 to purchases a/c. 100000 (by GOODS DESTROYED by fire ) insurance a/c. dr 60000 (100000*60%=60000) to loss by fire a/c 60000

Goods worth rupees 100000 were destroyed by fire. Insurance company admited and paid claim for 60% . Give journal entry

Answer»

ANSWER:

loss by fire a/c. dr. 100000

to purchases a/c. 100000

(by GOODS DESTROYED by fire )

insurance a/c. dr 60000

(100000*60%=60000)

to loss by fire a/c 60000

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Goods worth rupees 100000 were destroyed by fire. Insurance company admited and paid claim for 60% . Give journal entry

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