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Journal entry for transit loss

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(Querist)
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?
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Rupesh Jain

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Rupesh Jain (Expert)
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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