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Determine the deductible loss of gerald

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Q1. In 2019, Gerald constructed an office building worth Php. 2,000,000. In 2020 when it had accumulated depreciation of Php. 80,000 the building was totally destroyed by fire. Assuming that the amount recoverable from Dexie Insurance Company is Php. 500,000.00, the deductible loss of Gerald is:

a. Php. 1,928,000.00

b. Php. 2,000,000.00

c. None

d. Php. 1,420,000.00

Q2. Based on the data in the preceding problem, the accounting entry in the book of Gerald is-

a. (Dr) Fire loss 2,000,000; (Cr) Building 2,000,000

b. (Dr) Fire loss 1,420,000; (Dr) Allowance for Depreciation 80,000; (Cr) Building 1,500,000

c. (Dr) Fire loss 500,000; (Cr) Receivable from Airon Insurance Co. 500,000

d. (Dr) Receivable from Airon Co. 500,000; (Dr) Allowance for depreciation 80,000; (Dr) Fire loss 1,420,000; (Cr) Building 2,000,000

Reference no: EM133188321

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