Member Strength 16,10,498 and growing..
I need the journal entires to be passed when goods are destoryed by fire. Also suggest its accounting treatment in books of accounts.
Rohit is right
But I think
If U received the full claim amount from the insurance company U cant
Debit Goods Lost by Fire to Profit & Loss A/c
Only the excess of goods lost over the insurance claim received u can
debit to profit & loss a/c
good lost by fire Dr (By amt of lost)
to Stock A/c
Insurance Co. A/c Dr (Loss accept by insurance co.)
P&L A/c Dr. (amt. not accepted by insurance co.)
To Good lost by fire
TALLY GROUP FOR GOODS LOST BY FIRE
Your are not logged in . Please login to post replies
Click here to Login / Register
Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.
Alternatively, you can log in using: