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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)
What else can I help you with?
What is the journal entry of goods destroyed by rain 90000 insurance company admitted the claim?
The journal entry for goods destroyed by rain, with an insurance claim of 90,000 admitted by the insurance company, would involve recognizing the loss of the inventory and the insurance receivable. The entry would be: Debit "Loss from Inventory Write-off" for 90,000. Credit "Inventory" for 90,000. Debit "Insurance Receivable" for 90,000 when the claim is recognized. Credit "Insurance Income" for 90,000 once the claim is received. This reflects the loss of goods and the expected recovery from the insurance claim.
How to settle insurance claim caused by fire in respect of goods held in trust by a godown keeper?
fIRST THE GODOWN KEEPER HAS TO DISCHARGE HIS LIABILITY AS BAILEE THEN THE INSURANCE CLAIM CAN BE PAID
What happens if you can not claim damaged goods on insurance?
if you have an unisured loss - document and determine if it would be worthwhile to claim as a loss on your federal tax return
What is the journal entry of goods destroyed by fire rupees 12000 insurance company admitted the claim rupees 10000?
Dr Cr By: Loss by fire A/c 2000 By: Insurance Co A/c 10000 To: Goods destroyed by fir A/c 12000
Goods inwards in accounting?
what are goods inwards? what are goods inwards?
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
Cost of goods sold in cost accounting?
Cost of goods sold.
What is accounting entry for goods received as sample?
answer is not satisfactory
A detailed accounting of all the goods in stock?
inventory
What has the author Jean Petre written?
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
When the title pass under CIF?
Under CIF (Cost, Insurance, and Freight) terms, the title of goods typically passes from the seller to the buyer when the goods are loaded onto the shipping vessel at the port of shipment. This means that the buyer assumes ownership and risk at that point, even though the seller is responsible for the costs and insurance until the goods reach the destination port. The seller must also provide the buyer with the necessary documents to claim the goods upon arrival.
What is goods in transit insurance?
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.
