journal entry

This query is : Resolved

ganesh mundlik (Querist)
Follow

19 April 2008 i want journal entry of ------
goods destroyed by fire costing rs 300 but insurance company settled claim for rs 280.pls urgent

Ram Avtar Singh

Ram Avtar Singh (Expert)
Follow

19 April 2008 when Goods Destroyed by fire first of all entery should be passed

Insurance claim receivable Dr Rs.300/=
Goods Purchase A/c Cr.Rs.300/=

Now when claim recd these two entery should be passed

Bank A/C Dr. 280/=
Insurance claim receivable Cr. 280/=

loss on fire costing Dr. 20/=
Insurance claim receivable Cr. 20/=

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
Follow

20 April 2008 Insurance Co. Dr280
Loss of Stock Dr20

To Goods destroyed 300

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!

DURVI

DURVI (Expert)
Follow

26 April 2008 Insurance co. have sanction the amount upto Rs.280,so the amount is debited to the Insurance Co. Loss - Debit and Goods go out - destroyed so credit with the amount of goods.

Message likes : 1 times