A mere journal entry

A/c entries 361 views 1 replies
 booked a sale transaction and then goods loss is transit..now 1st ...am i simply reverse the entry ...but I think it gives wrong impact on BOA ....or 2nd...I book loss by transit as an expense ..please what will be the journa entry ..
#asimplepoint #asimpledoubt #ThankssinAdvance Experts :)
Replies (1)

First, no sale happened, and second, you lost your goods. (Assuming that the seller is bearing the loss in transit.)

Then, entries would be:

  1. Reverse the entry of sale (since you told that you've already recorded it), and
  2. Recording of loss occurred.


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