HomeWhat is the accounting treatment for insurance claim for goods lost by fire?
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Answered 2011-03-04 02:47:36
Treatment of goods lost by fire etc. and insurance claim thereof :--
Goods worth Rs. 10,000 lost by fire. Insurance claim is yet to be received for Rs. 6000.
- In this circumstance, goods worth Rs.10,000 (which is lost by fire) is to be credited in trading account separately ( not to be clubbed with closing stock).
- Then since Rs.6000/- is to be received by insurance claim. (so we are not received ,we have to receive)so this should be posted at asset side of the balance sheet
- Rs.4000/- to be debited in profit loss account.(Because its a loss)
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