Accounting Answers - Part 2

Before reading accounting answers - part 2, please read accounting answers- part 1. I am happy to see your lots of questions in my accounting education database. As human being, I am not perfect but I am trying to answer best of knowledge. I hope, it will be helpful to you. Sorry for not sending answers to your email account personally.  Please come to the site and do, simple search in solution. I hope, you will get your accounting question's answer.

Question : 1.
Sir, at a stage goods lost by fire at a time what type of entry require to pass and  then  after 6 months if insurance co. passes  claim then what type of entry require to pass.(if claim for not pass full and received partly amount then what entry require to pass )



Answer : When goods is lost by fire or accident, we see whether goods are insured or not. It may be possible that insurance co. may accept your claim after investigation. In your case insurance company accepted after six month.

When insurance claim will be accepted, we see again two things

 Whether full claim is accepted or partly?

If total claim has been accepted, then following entry will pass

1) Loss by fire Account Dr. ( Collect all the goods which are lost by fire at the time of making final accounts)

Trading Account Cr.

2) Insurance Claim Account Dr.

Loss by fire account Cr.

If a part of total claim is accepted

1) Loss by fire Account Dr. ( Collect all the goods which are lost by fire at the time of making final accounts)

Trading Account Cr.

2) Insurance Claim account Dr. ( With the amount of claim accepted)

Profit and loss account Dr. ( With the amount of claim not accepted)

Loss by Fire Account Cr. ( Total loss)

Question : 2.

Dear sir,

 I am doing through distance education..i have a one problem in ratio analysis which i am not able to find solution,,,can you please help in this regard , if yes i will send that problem. Another thing is where i can see your video of various accounting classes

Waiting for your reply



Answer : Dear Yashoda, you can email your ratio analysis problem, If I have free time, I will try to solve. You can see all accounting video by searching accounting education site.

Question : 3.

Dear Prof. Vinod,

I hope this email finds you well. I only recently started reading your blog, Accounting Education! I am a Junior English Major at the University of Texas, and I also freelance part-time as a writer for Online I mostly write about higher education, but I am looking to expand my writing portfolio and blog audience, so I was wondering if you would be interested in publishing a guest post on your blog.

I could write on any topic you wish, or I can simply come up with a post that I believe would supplement your blog. I just need a link to my homepage ( on my anchor text in the author by-line. Thanks so much for taking the time to read this; please let me know if this is something you might be interested in.


Katheryn Rivas

Answer : Ok, you can write original content in accounting education as guest post. But it must be original and full of logic. Please it in my email . Before, publishing, I will review it, only after, I can decide whether it should be published or not.
Question : 4


I saw some of your video in youtube.. but its not contain full step by step coz ima fresher to tally so i need step by step video tutorial link.

so that i can know how it works

hope you send me all the links




Answer : Ok, I noted this in my notebook. Soon, I try to make the playlist in the YouTube, which will guide you to show step by step tutorials.

Question : 5

Sir, I am very poor so, tell me how to earn online by a simple method.



Answer : Dear, it is totally wrong that you are poor. In my thinking, poor are those who have no physical organs means no eye to see, no ear to listen, no foot to walk, no tongue to talk or any physical disability. I hope, God has given you the worthy assets to you in form of physical organs. So, never take any negative feeling in you. Don't compare yourself with your friend who is earning Rs. 1,00,000 per month. If your friend is earning Rs. 1,00,000 per month without doing any hard work, it means, he did very good works in previous birth and now he is getting it with interest. So, my request is to you to do something good whether you earn or not. Because this good works' labour is counted by God. To earn online is very simple. There are lots of work, you can do online. If you want to earn without investment, please read  my old content at here.

Question : 6.

please tell me if sale proceeds of fixed asset wrongly charge to sale how  it is adjusted in asset account.



Answer :  It means you have passed entry of sale of fixed asset in sale voucher. You should again debit the sale account and credit the fixed assets. With this, you can adjust same amount in fixed asset account.

Question : 7

Sir, I want to know how to develop Accounting & Bookkeeping business.  I am B.Com & Pursuing MBA(Finance) from Distance education program i have also run small accounting firm with 10-12 customer with office premises in market place. Please  advice me how to improve my profession
thanking you


Sagar Tanna

Answer : This is good, you are interested to do your own accounting profession. Please take reference our content at here.

Question : 8.

 I want to know about payroll in tally erp 9. If you all matter explain in Hindi that will better for me so please,  kindly request to you do help on this topic for me in Hindi. THANK YOU .

Answer : Yes, Hindi is our mother tongue, to teach accounting in Hindi is just like pride for me. If you check in svtuition channel in YouTube. I made lots of tally tutorial  in Hindi language. Your request has been noted by me. In future, you will see payroll in tally.erp 9 video tutorial in Hindi.

Question : 9.

If i loss or thief my any asset or salary in any assessment year then can i get deduction from income tax return equal the amount which i loss. Give your answer with reason.



Answer :  Yes, you will be responsible to deduct income tax on same loss of salary. Because, you are not doing business and in business, there is provision of loss to deduct from income. This is very rare case.

Question : 10.

Factors that can affect the value of goodwill


marten smith

Answer : There are lots of factors which affect the value of goodwill. We can take one factor of your health. Suppose, you are not healthy, you will not take care of your business. Your employee may cheat with your customers. With this, your business's goodwill will decline. So, take care of your health.


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Accounting Education: Accounting Answers - Part 2
Accounting Answers - Part 2
Accounting Education
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