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Stock reduce from Busy

This query is : Resolved 
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(Querist)
06 December 2019 Dear Sir,

Please provide your kind suggest how to reduce item was stock from busy which was burnt due to fire.
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A.S.SUNDARARAJAN

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A.S.SUNDARARAJAN (Expert)
06 December 2019 If you go for insurance claim , the entry would be

Insurance claim receiable Debit
credit Raw material ( Basic price) Credit
IGST/CGST/SGST Input tax Credit as per section 17(5) of CGST act.

On receipt of insurance claim
Bank account Debit
Consumption ( difference between actual loss and claim received) Debit
Insurance claim receivable Credit
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