Question No 35 Chapter No 18 - USHA Publication 11 Class

Question No 35 Chapter No 18

Mutual indebtedness

35.The goods worth Rs 24,000 of miss Meena were destroyed in an accident during the year 2018-19(CGST and SGST6%). What adjusting entries will be required to give effect to the above loss under the following condition? Also, show their treatment in the final account:

1. If the goods were not insured
2. If the goods were fully insured
3. If goods were partly insured and claim accepted by insurance Company id Rs 18,000

The solution of Question No 35 Chapter No 18:-

 

Date	Particulars		L.F.	Debit	Credit
(i)	Loss by fire A/c	Dr.		24,000
	To Purchases A/c				24,000
	(Being goods destroyed in a fire.)
(ii)	Insurance Co. A/c	Dr.		24,000
	To Purchases A/c				24,000
	(Being goods destroyed in fire full claim admitted .)
(iii)	Loss by fire A/c	Dr.		6,000
	Insurance Co. A/c	Dr.		18,000
	To Purchases A/c				24,000
	(Being goods destroyed in fire partial claim admitted .)

(i) If the goods were not insured

Trading Account

Particular		Amount	Particular		Amount
Purchases A/c	?
Less: Goods destroyed	24,000	?

 

Profit & Loss Account

Particular		Amount	Particular		Amount
To Goods destroyed		24,000

 

(ii) If the goods were fully insured

Trading Account

Particular		Amount	Particular		Amount
Purchases A/c	?
Less: Goods destroyed	24,000	?

 

Balance Sheet

Labilities		Amount	Assets		Amount
			Insurance company		24,000

 

(iii) If goods were partly insured and claim accepted by insurance Company id Rs 18,000

Trading Account

Particular		Amount	Particular		Amount
Purchases A/c	?
Less: Goods destroyed	24,000	?

 

Profit & Loss Account

Particular		Amount	Particular		Amount
To Goods destroyed		6,000

 

Balance Sheet

Labilities		Amount	Assets		Amount
			Insurance company		18,000

 

 

https://tutorstips.com/final-accounts/

 

https://tutorstips.com/profit-and-loss-account/

 

https://tutorstips.com/balance-sheet/

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Also, Check out the solved question of all Chapters: –

Usha Publication - Elements of Book-Keeping PSEB (Class 11) - Solution

Chapter No. 1 - Introduction

Chapter No. 2 - Theory Base of Accounting 

Chapter No. 3 - Origin of Transactions

Chapter No. 4 - Vouchers and transactions

Chapter No. 5 - Journal

Chapter No. 6 - Accounting for Goods and Services Tax(GST)

Chapter No. 7 - Ledger

Chapter No. 8 - Cash Book

Chapter No. 9 - Other Subsidiary Books

Chapter No. 10 - Journal Proper

Chapter No. 11 - Trial Balance

Chapter No. 12 - Bank Reconciliation Statement

Chapter No. 13 - Depreciation

Chapter No. 14 - Provisions and Reserves 

Chapter No. 15 - Bills of Exchange

Chapter No. 16 - Rectification of Errors 

Chapter No. 17 - Financial Statements - (Without Adjustments)

Chapter No. 18 - Financial Statements - (With Adjustments)