Good loss by flood
This query is : Resolved
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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
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
15 June 2021
Insurance claim dr 22
Purchase account recycle dr 18
Loss on stock dr 60
Stock cr 100.
Purchase account recycle dr 18
Loss on stock dr 60
Stock cr 100.
16 June 2021
Input availed if any for the stock lost on flood need to be reversed in books & GST returns
Input availed if any for the stock lost on flood need to be reversed in books & GST returns
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