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Loss of stock

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(Querist)
20 December 2011 1)loss of stock by fire- Rs.500
2)Stock covered by an insurance policy- Rs. 800
3) Claim admitted -Rs. 210

please give journal entry of the above query.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
20 December 2011 Only invetory valuation would reduce but there would not be any journal entry in this case.

Further in case of tally where inventory accounting is maintained then pass inventory voucher.
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vivek

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vivek (Querist)
20 December 2011 but is it fare without providing any effect we reduce invetory. how is it possible
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vivek

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vivek (Querist)
20 December 2011 but is it fare without providing any effect we reduce invetory. how is it possible
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
20 December 2011 Since your inventory valuation will come down and so there would be a loss.
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vivek

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vivek (Querist)
20 December 2011 then, when insurance company claim were admitted and we received claim from com. how would you recognized it in books of accounts.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
20 December 2011 credit income as claim received from insurance company and debit claim receivable from insurance company as loans & Advance.
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