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Goods word $ 9,000, were destroyed by fire and insurance company agreed claim for $ 7,500 what will be Journal Entry.

Financial Accounting
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Question added by Anil Lalwani , Chief Accountant , Al Ahli Hospital
Date Posted: 2016/09/20
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Varun Aggarwal
by Varun Aggarwal , Assistant Manager – Tax & Legal, BPS (GCC) , Deloitte & Touche

Dr. Bank by                                 $

Dr. Loss by Fire (Expense) by $

Cr. Purchase (Inventory)                         $

Paramdeep Singh Kler
by Paramdeep Singh Kler , ACCOUNT MANAGER , BHATIA BROTHERS

 

 

Cash / Bank  A/c        Dr  (Claim received from Insurance Co.)

Loss from Fire A/c     Dr    (P & L) 

Purchase (Closing Stk) A/c                           Cr  

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