CA CPT 2016 June Question Paper Fundamentals of Accounting for online practice

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Question : 29 of 60

Marks: +1, -0

Stock worth Rs. 50,000 was destroyed by fire. The claim was fully accepted by the insurancecompany. The journal entry is

Stock A/cDr. 50,000 To Trading A/c 50,000
P & L A/cDr. 50,000 To Trading A/c 50,000
Trading A/cDr. 50,000 To Insurance claim A/c 50,000
Insurance claim A/cDr. 50,000 To Trading A/c 50,000

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