What is the main topic of "Question No 27 Chapter No 5 - USHA Publication 11 Class"?

This guide covers "Question No 27 Chapter No 5 - USHA Publication 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +1 Elements of Book-Keeping.

Who can benefit from this guide on "Question No 27 Chapter No 5 - USHA Publication 11 Class"?

It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.

Where can I practice questions related to "Question No 27 Chapter No 5 - USHA Publication 11 Class"?

You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question No 27 Chapter No 5 - USHA Publication 11 Class" instantly.

Question No 27 Chapter No 5 - USHA Publication 11 Class

⚡

Quick Overview & Key Takeaways

Focus Topic:Question No 27 Chapter No 5 - USHA Publication 11 Class

Estimated Reading Time:3 mins

Comprehensive academic guide covering core concepts of Question No 27 Chapter No 5 - USHA Publication 11 Class.
Syllabus-aligned study material with detailed definitions, formats, and practical examples.
Interactive check: Includes a custom practice quiz at the bottom of the article to self-evaluate knowledge.

Question No 27 Chapter No 5

Loss of Goods/Cash

27. Journalese the following transactions in the books of Ram Gopal :

2019
Feb. 1	Goods destroyed by fire Rs 16,000. Goods were uninsured.
Feb. 4	Goods destroyed by rain Rs 90,000. Insurance company admitted the full claim
Feb. 8	Goods destroyed in transit Rs 25,000. Transport company admitted the claim Rs 19,000
Feb. 12	Goods destroyed by flood Rs 38,000. Full claim received from the government by cheque
Feb. 18	Cash was stolen from the cash box Rs 45,000. With the help of police, Rs 27,000 could be received the same day.
Feb. 25	Goods destroyed by accident Rs 91,000. The insurance company paid the claim Rs 71,000
Feb. 26	Goods lost by embezzlement Rs 25,000
Feb. 27	Bharti Axa Insurance Company admitted the above claim Rs 19,000
Feb. 28	Insurance company paid the above claim.

The solution of Question No 27 Chapter No 5: -

In the Books of Ram Gopal

Date	Particulars		Debit	Credit
2018
Feb.1	Loss on fire A/c	Dr.	16,000
	To Purchases A/c			16,000
	(Being Goods destroyed by fire.)

Feb.4	Insurance Company A/c	Dr.	90,000
	To Purchases A/c			90,000
	(Being goods destroyed, full claim admitted )

Feb.8	Loss in Transit A/c	Dr.	6,000
	Transport company A/c	Dr.	19,000
	To Purchases A/c			25,000
	(Being goods destroyed, partial claim admitted)

Feb.12	Bank A/c	Dr.	38,000
	To Purchases A/c			38,000
	(Being goods destroyed, full claim received )

Feb.18	Loss by theft A/c	Dr.	18,000
	To Cash A/c			18,000
	(Being donated goods to poor people)

Feb.25	Bank A/c	Dr.	71,000
	Loss by accident A/c	Dr.	20,000
	To Purchases A/c			91,000
	(Being goods destroyed, partial claim received)

Feb.26	Loss by embezzlement A/c	Dr.	25,000
	To Purchases A/c			25,000
	(Being goods destroyed by embezzlement )

Feb.27	Bharti Axa Insurance Company A/c	Dr.	19,000
	To loss on embezzlement A/c			19,000
	(Being insurance company admitted the claim)

Feb.28	Bank A/c	Dr.	19,000
	To Bharti Axa Insurance Company A/c			19,000
	(Being amount to claim received )