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.
4 Replies
Vikas Prajapati
(CA)
(249 Points)
Replied 18 November 2012
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)
Ronak Boobana
(2 Points)
Replied 12 October 2018
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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