loss of stock
This query is : Resolved
24 June 2010
hi,,,,
In case there is loss of stock and compensation received from the insurance co.is less than the value of stock destroyed what is the accounting treatment for the same (no stock register is maintained in this case)
In case there is loss of stock and compensation received from the insurance co.is less than the value of stock destroyed what is the accounting treatment for the same (no stock register is maintained in this case)
Rahul Gupta
(Expert)
24 June 2010
On loss of stoack.
Loss on stock......Dr.
Insurance claim....Dr.
To Purchases/Closing Stock.....Cr.
On Receiveing Insurance Claim
Bank A/c......Dr
to Insurance Claim....Cr
Loss on stock......Dr.
Insurance claim....Dr.
To Purchases/Closing Stock.....Cr.
On Receiveing Insurance Claim
Bank A/c......Dr
to Insurance Claim....Cr
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Urd purchase entry in tally prime
- 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
- 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?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
