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.
CAclubindia
