Question No 35 Chapter No 18 – USHA Publication 11 Class

Question No 35 Chapter No 18

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:-

 

DateParticulars
L.F.
Debit Credit
(i)Loss by fire A/cDr. 24,000 
 To Purchases A/c   24,000
 (Being goods destroyed in a fire.)    
      
(ii)Insurance Co. A/cDr. 24,000 
 To Purchases A/c   24,000
 (Being goods destroyed in fire full claim admitted .)    
      
(iii)Loss by fire A/cDr. 6,000 
 Insurance Co. A/cDr. 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
AmountParticular
Amount
Purchases A/c?    
Less: Goods destroyed24,000?   
      

 

Profit & Loss Account
Particular
AmountParticular
Amount
To Goods destroyed 24,000   
      
      

 

(ii) If the goods were fully insured

Trading Account
Particular
AmountParticular
Amount
Purchases A/c?    
Less: Goods destroyed24,000?   
      

 

Balance Sheet
Labilities
AmountAssets
Amount
   Insurance company 24,000
      
      

 

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

Trading Account
Particular
AmountParticular
Amount
Purchases A/c?    
Less: Goods destroyed24,000?   
      

 

Profit & Loss Account
Particular
AmountParticular
Amount
To Goods destroyed 6,000   
      
      

 

Balance Sheet
Labilities
AmountAssets
Amount
   Insurance company 18,000
      
      

 

 

Final Accounts: Definition and Explanation

 

Profit and Loss Account: Meaning, Format & Examples

 

Balance Sheet: Meaning, Format & Examples

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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)

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