CA CPT 2014 Dec Question Paper Fundamentals of Accounting for online practice

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Question : 30 of 59

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Goods costing Rs.50,000 were stolen. Insurance company accepted a claim of Rs.40,000. Theappropriate journal entry is ___

Loss by theft a/c Dr. 50,000 To Sales a/c 50,000
Outstanding insurance claim a/cDr. 40,000 Profit & Loss a/c Dr. 10,000 To Purchases a/c 50,000
Loss by theft a/cDr. 40,000 To Purchases a/c 40,000
Profit & Loss a/cDr. 10,000 To Purchases a/c 10,000

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