accounting treatment for stock insurance and loss

A/c entries 2968 views 2 replies
User Avatar

MANAGER FINANCE
52 Points Joined February 2010

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.

Reply Share Follow
On 20 July 2011 at 17:05 Report
Replies (2)
User Avatar

CA - Final / CS / B.Com
1140 Points Joined November 2009
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
Reply
On 25 July 2011 at 15:15
User Avatar

Accounts Officer
68 Points Joined September 2010

Accounting Entry :

Bank A/c   Dr  26463

Loss of stock A/c    Dr 8357

To  Stock in Transit A/c   34820

Reply
On 26 July 2011 at 14:55


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading