Saved Bookmarks
| 1. |
On 28th March, 2019, stocks costing Rs 80,000 were destroyed by fire. These goods were purchased paying IGST @12% . The stock was insured and the insurance company admitted claim of Rs 85,000 only. Give necessary Journal entries and show how it will be shown in the Final accounts. |
Answer» SOLUTION :  Note: Insurance Co. has admitted the CLAIM and not paid YET. Therefore , Bank ACCOUNT is not debited. 
|
|