How to pass entry for loss of stock in tally ?

CA Vishal Jain (Chartered Accountant) (137 Points)
Replied 31 August 2012

Hi Vinayak

the simple treatment is that open a account in indirect exp. "Loss of stock due to _____" and "Stock lost a/c" in Purchases. pass following journal entry

Loss of stock due to _____ Dr. Rs______

To Stock lost a/c Rs ______

(Being stock lost due to ______)

on other hand while valuing closing stock the lost stock will not be taken into account that will decrease profit by that amount and your GP ratio will also not be effected.

Brajesh gautam (student) (232 Points)
Replied 06 September 2012

Dear Experts

what is legal procedure if stock get destroyed. or lost

DK Kanojiya (PROFESSIOAL) (278 Points)
Replied 07 September 2012

Hi

the simple treatment is that open a account in indirect exp. "Loss of stock due to _____" and "Stock lost a/c" in Purchases. pass following journal entry

Loss of stock due to _____ Dr. Rs______

To Stock lost a/c Rs ______

(Being stock lost due to ______)

on other hand while valuing closing stock the lost stock will not be taken into account that will decrease profit by that amount and your GP ratio will also not be effected.

DK Kanojiya (PROFESSIOAL) (278 Points)
Replied 07 September 2012

In Simple words, Deferred Tax Liability is a Provision for Future Taxation.

It simply means that the company will definitely have a tax Liability of that much in the future years. This is

because in the years to come the Depreciation as per Income Tax Act will be lesser that the Depreciation as

per Books of Accounts. Hence in these years the Company will have to create a Deferred Tax Asset

Attached File : 214293 1051025 caclubindia news meaning of deferred tax liability asset in simple words.pdf downloaded: 699 times

Arif Ali (Apt Co Advisory) (1230 Points)
Replied 17 September 2012

Pass a single entry in tally

Loss of stock due to ..... (Under Indirect exp.) A/c Dr.

To purchase A/c

Shivani (Learner) (1881 Points)
Replied 08 June 2014

but how will u do it if u r maintaing accounts with inventory in tally

and the company is a trading concern

shivani

1 Like

sushan ghimire (article assistant) (22 Points)
Replied 19 November 2014

Same query....somebody reply please please

naresh mody (Accountant) (52 Points)
Replied 06 December 2014

Dear Sushan ji,

Please create a ledger as "Loss of goods (Stock) due to Theft/Fire (as the case may be) etc" under Indirect Expenses and another ledger as "Goods / Stock lost due to Theft/Fire"(with inventory activated) and group it under Purchase Accounts. If insurance claim is receivable, then create ledger Insurance Claim Receivable (under Current Assets) and then pass following JV;

Dr. Loss of goods due to theft xx

Dr. Insurance Claim Receivable xx

Cr. Goods/Stock Lost due to..... xx

when claim is received......

Dr Bank xx

Cr Insurance Claim Receivable xx

2 Like

Pradeep k (NA) (43 Points)
Replied 15 April 2016

Hello

I need help with regards to goods lost/damaged at amazon wareshouse. In this case, amazon provides reimbursement as per fair market value decided by it. How can i pass journal entry for this transaction & loss of inventory.

SHACHI SHAH (CA) (59 Points)
Replied 13 July 2016