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.
fIRST THE GODOWN KEEPER HAS TO DISCHARGE HIS LIABILITY AS BAILEE THEN THE INSURANCE CLAIM CAN BE PAID
if you have an unisured loss - document and determine if it would be worthwhile to claim as a loss on your federal tax return
Dr Cr By: Loss by fire A/c 2000 By: Insurance Co A/c 10000 To: Goods destroyed by fir A/c 12000
what are goods inwards? what are goods inwards?
The journal entry is the accounting entry which lists the goods that are bought on credit.
Income, goods or services
answer is not satisfactory
Goods in Transit Insurance is required to be taken out by the shipper if the goods are of a high value. Normally the goods are covered for insurance by the haulier but only for a nominal value lets say 5 USD per kilo so this is why separate insurance can be required. A lot of freight companies have goods in transit insurance specifically for certain customers who have valuable high risk products such as sports goods or alcohol.
Goods in transit insurance is, as it's name suggests, to cover any goods you may be carrying. If you want to know more, visit http://www.choicequote.co.uk/git/git-insurance-uk.asp or call ChoiceQuote Insurance on 0800 440 2180.
Debit an account that has received goods or money; and credit account that has given goods
business is receiving goods as samples it may sell or distribute for advertisement
As in accounting inflation is the rise in price of any goods or commodity, which helps accounting to persue the relevant terms & condition according to the market condition.
Under the accrual basis of accounting, revenues are reported in the accounting period when the services or goods have been completed. This is answer to question 3 on the Accounting Basics quiz.
Jean Petre has written: 'The treatment in the national accounts of goods and services for individual consumption produced, distributed, or paid for by government' -- subject(s): Accounting, National income
Accounts Receivable: It is the money(CLAIM) made to the insurance company by a provider of health care (hospitals, doctors, etc) when the patient has enroled in Health care Insurance. When company sale products on credit then accounts receivable creates and the accounting entry is. Accounts Receivable Sales Entry to write off accounts receivables Cash/Bank/Goods Accounts Receivable Another Answer: 'Accounts Receivable' is money owed to a business.
Disbursement relates to money paid out for goods or services.
WHICH IS PAYABLE...Under accrual method of accounting, goods or services are received today and payment is made in the future. The transaction is recorded in the books when the goods and services are receive.
An accounting cost is the total amount of money or goods expended in an endeavour, usually logged in journal entries and ledgers.
insurance co.es sell unsought goods like insurance policies,because buyers do not normally think of buying such.
the seller makes them when the goods return to his premises
The inventory system used to determine the cost of goods sold at the end of accounting period is called Periodic Inventory System. This requires physical inventory check.
The main examples of unsought goods arelife insurancea gravestone. tas
it is a insurance where exporter as well as importer in mutual understanding under go for insurance for thier goods
That is up to the discression of the insurance company.
when the consignor has ownership until goods are sold to a customer