We have purchased goods worth Rs. 100000 and out of which 10000 Rs. goods lost in Transit.
Kindly share accounting entry and treatment
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Goods Purchased Lost in Transit
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Pass J. E
Goods lost in transit A/c Dr 10000
To purchase A/c Cr 10000
(being goods lost in transit )
No Input tax credit available for goods lost under section 17(5) (h) of the CGST act 2017 , if you have taken credit reverse the same
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