CBSE Class 11-commerce Answered
Goods worth $1, 00,000 were burnt by fire and a claim of $60, 000 has been accepted by the insurance company. How it will be recorded in final accounts and give journal entries
Asked by malavikavimal88 | 29 Feb, 2020, 09:10: PM
Expert Answer
Assuming that the value of goods lost by fire is Rs. 1,00,000. Insurance company paid a claim of Rs.60, 000.
Entries will be passed as follows:
Abnormal Loss A/c. Dr. 1,00,000
To Trading A/c 1,00,000
Insurance Company A/c. Dr. 1,00,000
To Abnormal Loss A/c. 1,00,000
Bank A/c. Dr. 60,000
Profit and Loss A/c Dr. 40,000
To Insurance Company A/c. 1,00,000
Answered by Surabhi Gawade | 01 Mar, 2020, 12:02: AM
Application Videos
-
Introduction to Errors and its Rectification ...
This video explains the various types of Errors along with some examples th... -
Classification and Rules of Accounts ...
This video explains the various Classifications of Accounts along with thei... -
Preparation of a Trial Balance
This video teaches the systematic process of preparing a Trial Balance from... -
Effect of Adjustment Transactions on Accounting Equatio ...
This video explains the Effect of Adjustment Transactions on Accounting Equ...
Concept Videos
-
Meaning, Attributes and Branches of Accounting ...
This video explains the Meaning, Attributes and Branches of Accounting -
Accounting Process and Role of Accounting in Business ...
This video explains the complete Accounting Process along with the Role of ... -
Objectives and Functions of Accounting
This video explains the Objectives and Functions of Accounting -
Meaning, Qualitative Characteristics and Users of Accou ...
This video explains the Meaning, Qualitative Characteristics and Users of A... -
Introduction to Accounting Principles ...
This video introduces the concept of Accounting Principles
CBSE 11-commerce - Accountancy Part I
Asked by sunilmadhe2005 | 05 Jan, 2022, 05:00: AM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by raveendranrishika | 10 Jun, 2020, 01:24: AM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by prashilanaik21 | 06 Mar, 2020, 01:37: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Harjotkaur4m | 29 Feb, 2020, 10:14: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by malavikavimal88 | 29 Feb, 2020, 09:10: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Kashishdhanani30 | 27 Feb, 2020, 02:37: AM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by diyamundra44 | 21 Feb, 2020, 03:46: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by sahilbajpai2001 | 11 Feb, 2020, 11:54: AM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Vanshohri968 | 07 Feb, 2020, 10:51: AM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Palashsaha411 | 20 Jan, 2020, 06:22: PM
ANSWERED BY EXPERT
