I need the journal entires to be passed when goods are destoryed by fire. Also suggest its accounting treatment in books of accounts.
5 Replies
Himansu Sekhar Pati
(CA Final)
(208 Points)
Replied 26 April 2010
Rohit is right
But I think
If U received the full claim amount from the insurance company U cant
Debit Goods Lost by Fire to Profit & Loss A/c
Only the excess of goods lost over the insurance claim received u can
debit to profit & loss a/c
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 27 April 2010
| Originally posted by : Rohit | ||
 |
Goods Lost on fire a/c - Dr. $x(say) To, Trading a/c $x (Transfer Entry) Insurance claim a/c - Dr. $y To, Goods Lost on fire a/c $y Insurance Claim $y goes to asset side of B/S & Goods Lost on fire also goes to Dr. side of P/L ($x-$y) |
 |
+ 1
shakuntala chhangani
(FCA Course co-ordinator WIRC coaching centre)
(2525 Points)
Replied 28 April 2010
refer www.caclubindia.com/forum/loss-on-theft-79558.asp
SACHIN KUMAR GARG
(Final Student)
(105 Points)
Replied 28 April 2010
good lost by fire Dr (By amt of lost)
to Stock A/c
then
Insurance Co. A/c Dr (Loss accept by insurance co.)
P&L A/c Dr. (amt. not accepted by insurance co.)
To Good lost by fire
samadhan sahebrao patil
(Accountant)
(48 Points)
Replied 09 January 2014
TALLY GROUP FOR GOODS LOST BY FIRE
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