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Good loss by flood

This query is : Resolved 
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(Querist)
15 June 2021 Respt Sir


In a godown trading stock worth Rs 100 loss by flood . Insurance co. has calculated salvage value worth Rs 22 and paid to us .
The damaged stock at godown which are likely to be auctioned in open market by insurance co. ,we have opted to buy back damaged stock (good condition / recycle /usable) for Rs 18
please guide me a accounting entry in tally
Regards
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 June 2021 Insurance claim dr 22
Purchase account recycle dr 18
Loss on stock dr 60
Stock cr 100.
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Ganeshbabu K

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Ganeshbabu K (Expert)
16 June 2021
Input availed if any for the stock lost on flood need to be reversed in books & GST returns
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