Accounting treatment
This query is : Resolved
28 May 2009
We sold 90 qty to party but during the transit 74 qty were damaged and thus party returned the same and accepted balance 16 qty. We also made invoice for 16 qty only. Later on we filed the claim with insurance company for damaged 74 qty and the claim was passed for 90% and we received the cheque also.
In such case how the accounting entries are passed for each transaction.
Thanks in advance
In such case how the accounting entries are passed for each transaction.
Thanks in advance
28 May 2009
Debtors .............Dr (90 Qty)
To Sales (90 Qty)
Sales Return.........Dr (74 Qty)
To Debtors (74 Qty)
Damaged Goods............Dr (74Qty)
To Purchases
Insurance Claim.........Dr(90% of 74Qty)
To Damaged Goods
Profit & Loss A/c........Dr (10% of 74 Qty)
To Damaged Goods
To Sales (90 Qty)
Sales Return.........Dr (74 Qty)
To Debtors (74 Qty)
Damaged Goods............Dr (74Qty)
To Purchases
Insurance Claim.........Dr(90% of 74Qty)
To Damaged Goods
Profit & Loss A/c........Dr (10% of 74 Qty)
To Damaged Goods
28 May 2009
Agreed
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