Journal Entry for goods destroyed in transit
This query is : Resolved
Shweta Kothari
(Querist)
12 October 2019
What is the journal entry for during sale goods destroyed in transit ?
14 October 2019
Firstly reverse the sales entry ( Sales debit and GST output tax and Credit the customer) by raising Credit Note . Then only output tax liability will be reduced.
Then finished goods consumed account to be debited and finished goods stock to be reversed. Please also note that all GST input tax credit taken for the goods destroyed in transit to be reversed as per GST act
Then finished goods consumed account to be debited and finished goods stock to be reversed. Please also note that all GST input tax credit taken for the goods destroyed in transit to be reversed as per GST act
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