Cost of Goods lost by fire 5000, Insurance Co. paid a claim of 80%. In this case Joint Venture Account will be________.

debited with Rs.5000

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credited with Rs.5000

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debited with Rs.4000

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credited with Rs.4000

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debited with Rs.1000

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Solution

The correct option is D credited with Rs.4000
Here, claim is 80% = 80% x 5000 = 4000
Therefore, Joint Venture a/c will be credited with 4000 only.

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Cost of Goods lost by fire 5000, Insurance Co. paid a claim of 80%. In this case Joint Venture Account will be________.

The correct option is D credited with Rs.4000Here, claim is 80% = 80% x 5000 = 4000Therefore, Joint Venture a/c will be credited with 4000 only.

The correct option is D credited with Rs.4000
Here, claim is 80% = 80% x 5000 = 4000
Therefore, Joint Venture a/c will be credited with 4000 only.