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Management Sciences
MEDIUM
ENGLISH
Management Sciences
Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve
A
Debit of 800 to Trading Account and credit of 600 and 200 to insurance company and
Option A
B
Deduct the 800 from closing stock in the Trading Account
Option B
C
Credit insurance company for 600
Option C
Debit of 600 and 200 to insurance company and Profit and Loss Account respectively and
Correct answer
Correct answer: D
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