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.
fIRST THE GODOWN KEEPER HAS TO DISCHARGE HIS LIABILITY AS BAILEE THEN THE INSURANCE CLAIM CAN BE PAID
if you have an unisured loss - document and determine if it would be worthwhile to claim as a loss on your federal tax return
Dr Cr By: Loss by fire A/c 2000 By: Insurance Co A/c 10000 To: Goods destroyed by fir A/c 12000
what are goods inwards? what are goods inwards?
The journal entry is the accounting entry which lists the goods that are bought on credit.
Cost of goods sold.
inventory
answer is not satisfactory
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
Debit an account that has received goods or money; and credit account that has given goods
business is receiving goods as samples it may sell or distribute for advertisement
Under the accrual basis of accounting, revenues are reported in the accounting period when the services or goods have been completed. This is answer to question 3 on the Accounting Basics quiz.