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Accounting Treatment for goods lost in transit

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(Querist)
24 April 2010 Can someone help me in giving the accounting entry for the goods lost in transit if VAT is involved in the transaction and how is the loss booked in books of accounts and when insurance claim is received, how it is adjusted.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
26 April 2010 Lost in transit need to adjusted to the extent of the insurance claim.what ever goods value and insurance claim balance need to write off in p& l account.since it is lost the VAT payable may not arise. but refer the local VAT Act
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