Podcast
Questions and Answers
From whom were the goods purchased?
From whom were the goods purchased?
- Red Square
- Loss Adjustment Profit
- PNB Bank
- Harish Garments (correct)
What is the GSTIN/UIN No. of Harish Garments?
What is the GSTIN/UIN No. of Harish Garments?
07ASEDR1258D4Z5
What is the GST rate for the items purchased from Harish Garments?
What is the GST rate for the items purchased from Harish Garments?
- 10%
- 15%
- 5%
- 12% (correct)
What is the HSN code for the items purchased from Harish Garments and lost in fire?
What is the HSN code for the items purchased from Harish Garments and lost in fire?
The fire insurance from Red Square was ₹ 2,000/-.
The fire insurance from Red Square was ₹ 2,000/-.
From which bank was the cheque issued to Red Square?
From which bank was the cheque issued to Red Square?
What percentage of the claim was passed from Fire Insurance Red Square?
What percentage of the claim was passed from Fire Insurance Red Square?
Into which bank was the cheque received from Red Square deposited?
Into which bank was the cheque received from Red Square deposited?
What is the amount of cheque received from Red Square?
What is the amount of cheque received from Red Square?
Which account is under 'Indirect Expenses'?
Which account is under 'Indirect Expenses'?
Which of the following is a 'Sundry Creditor'?
Which of the following is a 'Sundry Creditor'?
Flashcards
Trial Balance
Trial Balance
A document showing debit and credit balances of ledger accounts.
Indirect Expenses
Indirect Expenses
Expenses that are not directly tied to production.
Current Liabilities
Current Liabilities
Liabilities not expected to be settled within one year.
Current Assets
Current Assets
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Fire Insurance
Fire Insurance
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Purchase Accounts
Purchase Accounts
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Sundry Creditors
Sundry Creditors
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GST (Goods and Services Tax)
GST (Goods and Services Tax)
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GSTIN (GST Identification Number)
GSTIN (GST Identification Number)
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HSN Code
HSN Code
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Loss of Goods by Fire
Loss of Goods by Fire
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Profit & Loss Account
Profit & Loss Account
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Opening Stock
Opening Stock
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Bank Accounts
Bank Accounts
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Round Off
Round Off
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Loss by Fire Entry
Loss by Fire Entry
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Input IGST
Input IGST
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Study Notes
- These notes pertain to entries regarding loss due to fire.
Goods Purchased from Harish Garments
-
Goods were purchased from Harish Garments, located in Delhi (GSTIN/UIN No. – 07ASEDR1258D4Z5)
-
The following items were part of this purchase:
- Shirts: 35 pieces at ₹350 per piece, with a 12% GST (HSN Code: 64029910).
- Jeans: 28 pieces at ₹755 per piece, with a 12% GST (HSN Code: 64029910).
- T-Shirts: 32 pieces at ₹260 per piece, with a 12% GST (HSN Code: 64029910).
Fire Insurance and Compensation
- Fire Insurance from Red Square amounts to ₹2,500.
- A cheque of ₹2,500 was issued from PNB Bank to Red Square.
- A claim of 70% was passed from Fire Insurance Red Square, with 30% allocated to Loss Adjustment Profit and Loss A/c.
- A cheque of ₹10,993.50 was received from Red Square and deposited into PNB Bank.
Loss of Goods by Fire
- The company has recorded losses of good due to a fire
- Includes the following items:
- Shirts: 10 pieces at ₹350 per piece, with a 12% GST (HSN Code: 64029910).
- Jeans: 11 pieces at ₹755 per piece, with a 12% GST (HSN Code: 64029910).
- T-Shirts: 15 pieces at ₹260 per piece, with a 12% GST (HSN Code: 64029910).
Trial Balance (As of April 1, 2024)
- Current Liabilities:
- Duties & Taxes: ₹5005.20 (Credit)
- Sundry Creditors: ₹46715.00 (Credit)
- Current Assets: ₹8493.50 (Debit)
- Opening Stock: ₹8493.50 (Debit)
- Bank Accounts: ₹46715.00 (Credit)
- Purchase Accounts: ₹26005.00 (Debit)
- Purchase A/c: ₹26005.00 (Debit)
- Indirect Expenses: ₹2500.00 (Debit)
- Fire Insurance A/c: ₹2500.00 (Debit)
- Round Off: ₹0.20 (Credit)
- Profit & Loss A/c:₹4711.50 (Debit)
- Grand Total: ₹46715.20 (Debit), ₹46715.20 (Credit)
List of Ledgers (As of April 1, 2024)
- Cash: Under Cash-in-Hand.
- Fire Insurance A/c: Under Indirect Expenses.
- Harish Garments: Under Sundry Creditors.
- Input IGST: Under Duties & Taxes.
- Loss Goods by Fire A/c: Under Indirect Expenses.
- PNB Bank: Under Bank Accounts.
- Profit & Loss A/c: Under Primary.
- Purchase A/c: Under Purchase Accounts.
- Red Square: Under Sundry Creditors.
- Round Off: Under Indirect Expenses.
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Description
Entries for losses due to fire, including goods purchased from Harish Garments (shirts, jeans, T-shirts). Details of fire insurance from Red Square, claim settlement, and loss adjustment are recorded. Compensation received and deposited into PNB Bank.
