Loss of goods due to theft - tally erp 9 - accounting entry

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This query is : Resolved

naresh mody (Querist)

08 November 2014 I am using Tally ERP 9 with Inventory module activated.
My client had a theft in his godown and he has arrived at items which he lost due to theft.
He has also insurance cover for the goods kept in godown.
Could any body guide / advice me as to how to pass an Financial as well Inventory entry in Tally ERP 9 for loss of such goods so as to reduce the Inventory to the extent and also to show insurance claim receivable?

CA Parul Saxena

CA Parul Saxena (Expert)

08 November 2014 Pass the entry
Abnormal Loss Dr.......................
To Purchase................................

naresh mody

naresh mody (Querist)

09 November 2014 Thanks, but how to show insurance claim receivable.

naresh mody

naresh mody (Querist)

09 November 2014 Under which group the Abnormal loss will be reflected? Whether under Direct (Trading a/c or Indirect expenses (P & L a/c )?

CA Parul Saxena

CA Parul Saxena (Expert)

10 November 2014 Abnormal loss should be grouped under indirect expenses.

naresh mody

naresh mody (Querist)

10 November 2014 Thanks a lot madam Parul, still one Dout remains is that whether to show insurance claim receivable for this loss if claim is lodged with Insurance Co or not?
If yes, then what entry to pass in books?

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