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What is the journal entry of goods destroyed by rain 90000 insurance company admitted the claim?
The journal entry for goods destroyed by rain, with an insurance claim of 90,000 admitted by the insurance company, would involve recognizing the loss of the inventory and the insurance receivable. The entry would be: Debit "Loss from Inventory Write-off" for 90,000. Credit "Inventory" for 90,000. Debit "Insurance Receivable" for 90,000 when the claim is recognized. Credit "Insurance Income" for 90,000 once the claim is received. This reflects the loss of goods and the expected recovery from the insurance claim.
Which insurance would one need to cover water damaged household goods?
For water damaged household goods, you would require flood insurance if the water damage was caused by flood. Otherwise, homeowners insurance or renters insurance would quite possibly work depending on whether you own or rent your home.
How to settle insurance claim caused by fire in respect of goods held in trust by a godown keeper?
fIRST THE GODOWN KEEPER HAS TO DISCHARGE HIS LIABILITY AS BAILEE THEN THE INSURANCE CLAIM CAN BE PAID
What is the accounting treatment for insurance claim for goods lost by fire?
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.In this circumstance, goods worth Rs.10,000 (which is lost by fire) is to be credited in trading account separately ( not to be clubbed with closing stock).Then since Rs.6000/- is to be received by insurance claim. (so we are not received ,we have to receive)so this should be posted at asset side of the balance sheetRs.4000/- to be debited in profit loss account.(Because its a loss)
What is the journal entry of goods destroyed by fire rupees 12000 insurance company admitted the claim rupees 10000?
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 Cargo Insurance contracts?
Cargo Insurance contracts cover Hauliers, shipping companies and airlines etc. against claims for goods lost or damaged in transit.
What are the advantages of having a freight insurance?
The main advantage for having freight insurance is that if anything goes wrong or goods are damaged on arrival the cost will be covered. Gives one peace of mind.
What are the release dates for Damaged Goods - 2008?
Damaged Goods - 2008 was released on: USA: 2008
What happens if insurance replaces stolen items then the police recover and return the stolen items to you?
I recommend you contact your insurance company, and inform them of the recovered goods
What are the release dates for Damaged Goods - 2012?
Damaged Goods - 2012 was released on: USA: 22 February 2012
What are the release dates for Damaged Goods - 1914?
Damaged Goods - 1914 was released on: USA: 1 September 1914
What are the release dates for Damaged Goods - 1918?
Damaged Goods - 1918 was released on: USA: 19 August 1918
