I need the journal entires to be passed when goods are destoryed by fire. Also suggest its accounting treatment in books of accounts.
khushbu shah (student) (28 Points)
26 April 2010I need the journal entires to be passed when goods are destoryed by fire. Also suggest its accounting treatment in books of accounts.
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
Accounting
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