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Loss of Finished Goods

This query is : Resolved 
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(Querist)
17 February 2009 I am working in paper manufacturing co.

please solve my probles :-

amount 50000/- finished goods rejected due to rain.

what will be financial entry of 50000/-

Above material is not return from debtors,its lossed in co.store & its already taken in excis record, its loss so i have to reversed excise duty.so please pass journal entry.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
17 February 2009 For return of goods

Sales Return A/c Dr
To Debtor A/c


For tranferring loss to p&l
Profit & loss a/c Dr
To Stock A/c
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
18 February 2009 There is no need to pass the second entry.
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