loss on transit
This query is : Resolved
Kamlakanta Behera
(Querist)
28 August 2010
We made an export sale on 31st march 2010 but it lost by fire in ICD GODOWN on 10th april 2010. Now the question is that do we book it as loss in the financial year 200-2010. How we actually treat it in our books of accounts.
CMA Ramesh Krishnan
(Expert)
28 August 2010
Loss in transit need to book to the extende of Insurance claim receivable
Suppose actual loss is Rs.100
Insurance claimable Rs.80
Net loss to be booked Rs.20
Suppose actual loss is Rs.100
Insurance claimable Rs.80
Net loss to be booked Rs.20
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