Damaged material
This query is : Resolved
27 June 2009
Dear Sir,
We have raised Invoice to customer for sale of material, but in transit material damaged. Party return back material to us.
The damaged material claim received from Insurance company.
My question is : Is the Insurance claim received shown under the head of misce. Income or down the purchase value of raw material materail ?
Pls give me your valuable advise.
Baljinder Singh
We have raised Invoice to customer for sale of material, but in transit material damaged. Party return back material to us.
The damaged material claim received from Insurance company.
My question is : Is the Insurance claim received shown under the head of misce. Income or down the purchase value of raw material materail ?
Pls give me your valuable advise.
Baljinder Singh
27 June 2009
Hie Baljinder,
01. Purchase value will be down with the amount of damaged material.
02. Insurance claim will be credited in the profit and loss account as Misc income as you stated in your ques.
03. Debit the Insurance co. with the claim amt. in the Loans & Advances side.
01. Purchase value will be down with the amount of damaged material.
02. Insurance claim will be credited in the profit and loss account as Misc income as you stated in your ques.
03. Debit the Insurance co. with the claim amt. in the Loans & Advances side.
28 June 2009
May be reflected in the Trading Account as Insurance Claims
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
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Management System (IMS)
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- EPF FULL & FINAL RULES IN 2026
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
