Journal entry for transit loss
This query is : Resolved
09 April 2014
Goods worth 30 lakhs lost during transit to customer. Company recognises revenue on delviery to customer. 30 lakhs is currently a account receivable. FIR is pending to be filed and hence insurance claim is pending. What is the journal entry for loss and insurance claim?
09 April 2014
you can show as goods in transit and after the fIR and intimation to insurance co. then you calculate the loss amount.
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