accounting treatment for stock insurance and loss

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MANAGER FINANCE
26 Points Posted on 20 July 2011

Hi,

Please let me know the accounting entires for mentioned query:

We have lost the stock worth of Rs. 34820/- in transit and we have the insurance facility but we have received 76% of amount and there is loss.

 

please let me know the accounting entries for this transactions.

 

Thanking you in advance.

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On 20 July 2011 at 17:05 Report
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CA - Final / CS / B.Com
1042 Points Posted on 25 July 2011
2 methods for loss for stock in transit: loss of stock to purchases OR closing stock to trading a/c then for insurance claim: insurance claim rec to p & l a/c bank to insurance claim rec
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On 25 July 2011 at 15:15
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Accounts Officer
72 Points Posted on 26 July 2011

Accounting Entry :

Bank A/c   Dr  26463

Loss of stock A/c    Dr 8357

To  Stock in Transit A/c   34820

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On 26 July 2011 at 14:55

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