Loss in transit
This query is : Resolved
Deepak Gagrani
(Querist)
02 February 2009
Dear all
Please give me accountind entry in case if a firm purchase material from b , & b sent the material to a , & a give advanced payment for material , & material loss in transit
that the time what entry we will pass in a book & insurance calim received after one month from the date of loss in trasit ,
ple give reply
thanks
Please give me accountind entry in case if a firm purchase material from b , & b sent the material to a , & a give advanced payment for material , & material loss in transit
that the time what entry we will pass in a book & insurance calim received after one month from the date of loss in trasit ,
ple give reply
thanks
Deepak Agrawal
(Expert)
03 February 2009
It depends on the risk of goods who is bearing. If the risk is borne by A, then the A will have to bear loss. He will have to convert advance into losses.
If risk is still with B, then B will be liable to repay the amount to A...
If risk is still with B, then B will be liable to repay the amount to A...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Oct 2025 Invoices
- EPF ECR NEW RULES Sep 17th 2026
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
