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 ..
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A mere journal entry
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:
- Reverse the entry of sale (since you told that you've already recorded it), and
- Recording of loss occurred.
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