Question
"Insurance is a contract of indemnity." Explain.
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| Debit(₹) | Credit(₹) | |
| Opening Stock | 19,000 | |
| Salaries | 10,500 | |
| Wages | 8,000 | |
| Railway Freight - Purchases & Imports | 2,500 | |
| General Office Expenses | 13,000 | |
| Annual Insurance | 2,000 | |
| Plant and Machinery | 50,000 | |
| Purchases and Sales | 1,20,000 | 2,53,000 |
| Rent | 7,500 | |
| Bad Debts and its Recoveries | 300 | 1,000 |
| Buildings and Sheds | 60,000 | |
| Bills Receivable and Payable | 12,200 | 4,000 |
| 10% Bank of Progress Loan | 50,000 | |
| Travel Costs | 15,000 | |
| Returns and Price Adjustments | 3,000 | 1,500 |
| Legal and Other Consultancy Fees | 10,000 | |
| Repairs | 8,600 | |
| Bank Account | 10,000 | |
| Capital and Drawings | 4,500 | 65,000 |
| Interest | 6,000 | |
| Debtors and Creditors | 35,000 | 22,600 |
| 3,97,100 | 3,97,100 |
| Debit (₹) | Credit (₹) | |
| Capital | 1,98,000 | |
| Drawings | 10,000 | |
| Purchases and Returns Outward | 1,18,800 | 500 |
| Salaries | 21,650 | |
| Rate and Taxes | 950 | |
| Office Lighting and Cooling | 2,700 | |
| Import Duty | 2,200 | |
| Insurance | 250 | |
| Agency Commission | 900 | |
| Advertising | 5,000 | |
| Returns Inward and Sales | 3,48,500 | |
| Bad Debts | 800 | |
| Postage and Telegrams | 800 | |
| Discount Received | 150 | |
| Carriage for Door Delivery to Customers | 1,400 | |
| Opening Stock | 6,200 | |
| Wages | 27,700 | |
| Plant and Machinery | 2,05,000 | |
| Land and Buildings | 1,10,000 | |
| Furniture and Fittings | 3,000 | |
| Sundry Debtors and Creditors | 39,600 | 20,000 |
| Cash at Bank | 10,000 | |
| Petty Cash Balance | 200 | |
| 5,67,150 | 5,67,150 |