Loss of stock
This query is : Resolved
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.
2)Stock covered by an insurance policy- Rs. 800
3) Claim admitted -Rs. 210
please give journal entry of the above query.
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.
Further in case of tally where inventory accounting is maintained then pass inventory voucher.
20 December 2011
but is it fare without providing any effect we reduce invetory. how is it possible
20 December 2011
but is it fare without providing any effect we reduce invetory. how is it possible
Aditya Maheshwari
(Expert)
20 December 2011
Since your inventory valuation will come down and so there would be a loss.
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.
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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