Doubt in insurance claims chapter for ipcc
This query is : Resolved
satyasowmya
(Querist)
30 July 2014
Hi,
i have a doubt in insurance claims chapter
my doubt is,
while preparing memorandum trading account, why is 'goods supplied on approval and lost in the fire' added with purchases? Cant i show it as abnormal loss on the credit side of the memorandum trading account?
i have a doubt in insurance claims chapter
my doubt is,
while preparing memorandum trading account, why is 'goods supplied on approval and lost in the fire' added with purchases? Cant i show it as abnormal loss on the credit side of the memorandum trading account?
Guest
Guest
(Expert)
30 July 2014
actually these goods are not sold, you just purchased it and they got obsolete or whatever... so its good to decrease the purchase so that proper trading profit will be reflected in books
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