Goods Destryed
This query is : Resolved
Amandeep Singh
(Querist)
29 November 2019
Dear Sir
fire broke out the premise of the dealer and some goods destroyed. we have received some claim from insurance company
Please suggest below entry in books of account is correct or wrong
Stock Journal Consumation entry passed in tally
Loss of Fire 25000/- Dr. (Indirect exp.)
Stock loss by Fire 25000/- Cr. ( Indirect income)
Loss of Fire 4500/- Dr.
IGST Input 4500/- Cr. ITC Reversed
Insurance Claim Receivable 20000/- Dr. (Current Assets )
Loss of Fire 20000/-Cr.
Please advise to me sir
fire broke out the premise of the dealer and some goods destroyed. we have received some claim from insurance company
Please suggest below entry in books of account is correct or wrong
Stock Journal Consumation entry passed in tally
Loss of Fire 25000/- Dr. (Indirect exp.)
Stock loss by Fire 25000/- Cr. ( Indirect income)
Loss of Fire 4500/- Dr.
IGST Input 4500/- Cr. ITC Reversed
Insurance Claim Receivable 20000/- Dr. (Current Assets )
Loss of Fire 20000/-Cr.
Please advise to me sir
Gokul Sharma
(Expert)
29 November 2019
purchase should be credited instead of stock loss by fire.
Amandeep Singh
(Querist)
29 November 2019
Sir,
Rest is okay
Rest is okay
Gokul Sharma
(Expert)
29 November 2019
yes........rest is ok
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