Loss of goods in transit.

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2015 Let's assume that I (Bhakti Enterprise) have sold goods to Chandan Enterprise of 10000(Quantity).
at the time of delivering the goods, 2600 Quantity lost in Transitby whatever causes(by theft, damaged), due to this m/s chandan enterprise repudiate/ canceled his order. in the above case, what should be the accounting treatment in the books of account's of Bhakti Enterprise. is it possible sale entry need to reverse in the above case or loss may be disclose seperatelty in the books of accounts.

If possible then give your opinion by passing journal entry in the books of accounts of m/s bhagti enterprise.

Querist : Anonymous

Querist : Anonymous (Querist)

30 May 2015 Please give your opinion as soon as possible.
I am waiting for your response on the above mentioned matters.

kindly brings yours answer as soon as possible.

Thanks and regards

Krishna Joshi