Insurance Goods Journal Entry
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.
Insurance goods journal entry. When the insurance proceeds arrive debit cash and credit accounts receivable. 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. This is accomplished with a debit of 1 000 to insurance expense and a credit of 1 000 to prepaid insurance. Answer tejeshwar khandelwal.
The journal entry would be as follows. Journal entry in tally erp9 is a different concept than what we have learned theoretically from our class rooms. Prepaid insurance is debited which indicates the creation of an asset in the balance sheet. 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. 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. The journal entries for the stolen goods and insurance claim. Goods worth 5000 destroyed by fire and insurance company admitted claim for 4000 only.
Step 1 identify the acconts and their types. What is the entry for the claim recovered from stolen goods. On december 31 the company writes an adjusting entry to record the insurance expense that was used up expired and to reduce the amount that remains prepaid. Example journal entry for prepaid insurance.
I am giving a general rule whereby you can pass entry of any transaction. By philip kahoro nairobi kenya q. Loss by fire a c dr. Journal entry when prepaid insurance is paid.
Instead of debiting cash as we did in the previous scenario we debit accounts receivable. There will always be 2 or more acconts in atransaction.
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