Full claim accepted by insurance Company on the loss of goods by fire is credited to ____________ A/c.
P/L A/c
Trading A/c
Insurance Company
None

Question

Full claim accepted by insurance Company on the loss of goods by fire is credited to - A-c-P-L A-cTrading A-cInsurance CompanyNone

Toppr Admin · Accepted Answer

Journal Entries to be passed when insurance claim is accepted by insurance company on loss of goods by fire -xA0-Loss by fire A-c- Dr-To trading A-c-Being purchase account decreased-

Full claim accepted by insurance Company on the loss of goods by fire is credited to ____________ A/c.P/L A/cTrading A/cInsurance CompanyNone

Journal Entries to be passed when insurance claim is accepted by insurance company on loss of goods by fire : Loss by fire A/c. Dr.To trading A/c(Being purchase account decreased)

Full claim accepted by insurance Company on the loss of goods by fire is credited to ____________ A/c.
P/L A/c
Trading A/c
Insurance Company
None

Journal Entries to be passed when insurance claim is accepted by insurance company on loss of goods by fire :

Loss by fire A/c. Dr.
To trading A/c
(Being purchase account decreased)