Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve?

Accounting Mcqs
BILAL KHATTAK0

A. Debit of 800 to Trading Account and credit of 600 and 200 to insurance company and Profit and Loss Account respectively
B. Deduct the 800 from closing stock in the Trading Account
C. Credit insurance company for 600 
D. Debit of 600 and 200 to insurance company and Profit and Loss Account respectively and credit of 800 to Trading Account

Related Mcqs:

  1. The creation of provision for doubtful debts given as an adjustment requires____________??
  2. Sundry debtors as per Trial Balance is 43,000 which includes 2,200 due from ‗H in respect of goods sent to him on approval basis, the cost price of which is 1,800. Rectification would involve:?
  3. In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is??
  4. Closing stock appearing in the Trial Balance is shown in:?
  5. The annual financial statement of the estimated income and expenditure for the ensuring year is known as
  6. Carriage on goods purchased is shown in:___________??
  7. If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then?
  8. Revenue receipts are shown in___________??
  9. Which of the following equations is correct??
  10. Which of the following relationships is/are false??

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