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How purchase A/C gets credited when …

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How purchase A/C gets credited when their is a loss of goods from fire or theft

Posted by Mukund Choudhary 6 years, 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 6 years, 6 months ago

In case goods are not insured the total loss should be shown on the credit side of the trading account. The same amount should be shown on the debit side of the profit and loss account. If goods are insured and insurance company admitted the claim, the total loss should be credited to the trading account, amount claim not admitted by the insurance company is debited to P&L account andclaim admitted is shown on the asset side of balance sheet

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