Insurance Goods Journal Entry
This is accomplished with a debit of 1 000 to insurance expense and a credit of 1 000 to prepaid insurance.
Insurance goods journal entry. Answer tejeshwar khandelwal. Journal entry in tally erp9 is a different concept than what we have learned theoretically from our class rooms. Company a paid 10 000 as insurance premium in the month of december the insurance premium belongs to the following calendar year hence it doesn t become due until january of the next year. When the insurance proceeds arrive debit cash and credit accounts receivable.
What is the entry for the claim recovered from stolen goods. Goods worth 5000 destroyed by fire and insurance company admitted claim for 4000 only. Loss by fire a c dr. Insurance company s claim a c dr 8 000 loss by fire a c dr 2 000 to goods stock a c 10 000 being goods lost by fire and insurance company s claim.
19 april 2008 i want journal entry of goods destroyed by fire costing rs 300 but insurance company settled claim for rs 280 pls urgent. Step 1 identify the acconts and their types. Journal entries in tally is not used for recording all kinds transactions generally transactions recorded through journal voucher in tally erp9 does not include cash or bank account however tally allow user to enter cash bank transactions through journal vouchers by activating this. By philip kahoro nairobi kenya q.
I am giving a general rule whereby you can pass entry of any transaction. Instead of debiting cash as we did in the previous scenario we debit accounts receivable. The journal entry would be as follows. Example journal entry for prepaid insurance.
In the case of claim receivable from insurance for stock stolen from a shop where would the credit be posted and under what group of accounts in tally. There will always be 2 or more acconts in atransaction. When the insurance proceeds become fixed and determinable you record the following journal entry to record the gain. Follow the basic principles of accounting step by step for any entry.
Whereas bank is credited with an equal amount which balances the rule of accounting for each credit there is an equal debit. Journal entry when prepaid insurance is paid.
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