Accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2013
Dear Friend,
a load of edible oil sent by us in a tanker met with an accident on its way to the customers place.Therefore the goods did not reach the customer. We have raised a claim with owner of the tanker to the extent of invoice value of the goods. The following entry is passed in our books.
Claim receivable(Lorry Owner) DR XXX
TO customer CR XXX.
However The sale was untouched. Is there an entry missing?. If sale is to be credited since the sale was not effected at all, which account has to be debited?
Please Help
Rgds
a load of edible oil sent by us in a tanker met with an accident on its way to the customers place.Therefore the goods did not reach the customer. We have raised a claim with owner of the tanker to the extent of invoice value of the goods. The following entry is passed in our books.
Claim receivable(Lorry Owner) DR XXX
TO customer CR XXX.
However The sale was untouched. Is there an entry missing?. If sale is to be credited since the sale was not effected at all, which account has to be debited?
Please Help
Rgds
15 March 2013
At the time of Sale:
1) Party (Customer) Ac. Dr.
TO Sales Ac.
After the Accident:
2) Claims Receivable(Lorry owner)Ac Dr.
To Party (Customer) Ac.
After the claims account received
3) Cash/Bank Ac. Dr.
To Claims Receivable (Lorry owner) Ac.
1) Party (Customer) Ac. Dr.
TO Sales Ac.
After the Accident:
2) Claims Receivable(Lorry owner)Ac Dr.
To Party (Customer) Ac.
After the claims account received
3) Cash/Bank Ac. Dr.
To Claims Receivable (Lorry owner) Ac.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- Relief u/s Section 89
- SGST balance is there in credit ledger how to adjust for cgst
- REGARDING SECTION 44AE
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
