Easy Office

Good loss by flood

This query is : Resolved 

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

15 June 2021 Insurance claim dr 22
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






You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries