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Discussion > Accounts > A/c entries >

goods destoryed by fire

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student


[ Scorecard : 28]
Posted On 26 April 2010 at 12:21 Report Abuse

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


Online classes for CA CS CMA



Himansu Sekhar Pati
CA Final


[ Scorecard : 208]
Posted On 26 April 2010 at 12:43

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





Himanshu Bansal
CA Final Group 2


[ Scorecard : 2105]
Posted On 27 April 2010 at 22:18

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




shakuntala chhangani
FCA Course co-ordinator WIRC coaching centre


[ Scorecard : 2289]
Posted On 28 April 2010 at 02:07

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




SACHIN KUMAR GARG
Final Student


[ Scorecard : 105]
Posted On 28 April 2010 at 12:36

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




samadhan sahebrao patil
Accountant


[ Scorecard : 22]
Posted On 09 January 2014 at 13:03

TALLY GROUP FOR GOODS LOST BY FIRE



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