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)
