goods destoryed by fire

student



I need the journal entires to be passed when goods are destoryed by fire. Also suggest its accounting treatment in books of accounts.

 
Reply   
 
CA Final



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

 
Reply   
 


Manager- Credit



Originally posted by : Rohit

Goods Lost on fire a/c - Dr. $x(say)
To, Trading a/c $x
(Transfer Entry)

Insurance claim a/c - Dr. $y
To, Goods Lost on fire a/c $y

Insurance Claim $y goes to asset side of B/S
& Goods Lost on fire also goes to Dr. side of P/L ($x-$y)

 

+ 1

 
Reply   
 
FCA Course co-ordinator WIRC coaching centre


refer www.caclubindia.com/forum/loss-on-theft-79558.asp

 
Reply   
 
Final Student



good lost by fire Dr (By amt of lost)

to Stock A/c

then

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

 
Reply   
 

TALLY GROUP FOR GOODS LOST BY FIRE

 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  



 


Search Forum:





× Online Coaching My Enrolled Courses
Articles Forum News Experts Exams Share Files Income Tax Accounts Career Corporate Law Service Tax Video Judgements Rewards Top Members Events Albums Find Friends Featured Feed Scorecard Bookmarks Mock Test Poll Notification Knowledge Finder Coaching Institutes Trainee Corner Jobs
close x
  SHARE THIS