Goods damaged in Godown!!!
This query is : Resolved
18 June 2010
Dear Experts,
1. Please provide me the journal entry for loss incurred on Goods damaged while in Godown in
a) Financial books
b) Inventory books
With regards,
Rajesh
1. Please provide me the journal entry for loss incurred on Goods damaged while in Godown in
a) Financial books
b) Inventory books
With regards,
Rajesh
CMA Ramesh Krishnan
(Expert)
18 June 2010
In the Financial books
Dr: Loss on damage
Cr: Stock A/c
incase Goods Insured
One more
Dr:Insurance claim receivable
Cr: Loss on damgae
Inventory books
Dr: Scrap of damaged goods
Cr: Normal Stock
Dr: Loss on damage
Cr: Stock A/c
incase Goods Insured
One more
Dr:Insurance claim receivable
Cr: Loss on damgae
Inventory books
Dr: Scrap of damaged goods
Cr: Normal Stock
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20 June 2010
Sir again my doubt is w.r.t. accounting Goods damaged in Godown.
While we are passing the entry
Loss on goods damaged A/c Dr.
To Stock A/c
While finalisation of the accounts we will be passing
P/L A/c Dr.
To Loss on goods damaged A/c
(Being the loss on goods damaged transfered to P& L Account.)
My Query is
1) How we will be able to close this Stock account?
Thank you for spending your valuable time on clarifying my doubts.
With regards,
Rajesh.
While we are passing the entry
Loss on goods damaged A/c Dr.
To Stock A/c
While finalisation of the accounts we will be passing
P/L A/c Dr.
To Loss on goods damaged A/c
(Being the loss on goods damaged transfered to P& L Account.)
My Query is
1) How we will be able to close this Stock account?
Thank you for spending your valuable time on clarifying my doubts.
With regards,
Rajesh.
CMA Ramesh Krishnan
(Expert)
20 June 2010
Even Goods damaged stock account remains same but it separate as damages stock like scrap, untill you are selling for some low rate or written off the completely from the books
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