Stock reduce from Busy
This query is : Resolved
06 December 2019
Dear Sir,
Please provide your kind suggest how to reduce item was stock from busy which was burnt due to fire.
Please provide your kind suggest how to reduce item was stock from busy which was burnt due to fire.
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
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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