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Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve
Accountingmedium
ADebit of 800 to Trading Account and credit of 600 and 200 to insurance company and Profit and Loss Account respectively
BDeduct the 800 from closing stock in the Trading Account
CCredit insurance company for 600
DDebit of 600 and 200 to insurance company and Profit and Loss Account respectively and credit of 800 to Trading Account
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