CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

HOW TO SHOW IN GST ABOUT THE INSURNACE CLAIM RECEIVED ON STOCK LYING IN THE GODOWN


MADDIRALA SUNIL KUMAR (ACCOUNTANT)     18 October 2019

MADDIRALA SUNIL KUMAR
ACCOUNTANT 
 1 likes  30 points

| My Other Post

I AM  RUNNING CHILLIES BUSINESS  AND PURCHASED CHILLIES FROM UNREGISTERED DEALERS(from farmers) DUE TO PURCHASE OF AGRICULTURAL PRODUCT FROM FARMERS GST IS EXEMPTED ON PURCHASE. ONE DAY WHEN I KEPT MY STOCK IN GODOWN THERE WAS A HEAVY FLOOD AND STOCK WAS DAMAGED DUE TO THIS I CLAIMED INSURANCE AND I GOT INSURANCE AMOUNT.

HERE MY QUESTION IS HOW I SHOW IN BOOKS OF ACCOUNTS & GST  ABOUT INSURANCE CLAIMED AMOUNT AND CAN ANY ONE EXPLAIN HOW TO POST THE ENTRY IN BOOKS ?

avater

Santosh Kulkarni (Consultant)     18 October 2019

Santosh Kulkarni
Consultant 
 32 points

View Profile | My Other Post

Amount of compensation received towards loss suffered needs to be adjusted against in the inventory ( Write off inventory to the extent of claim received, if the loss is more than the compensation received) .  

Question of GST will not arise here. Hence, no disclosure in the returns concerned for the period needs to be made.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading

Popular Discussion


view more »



Trending Tags
gst
sebi
newgstreturn
Info Technology
aatmanirbhar bharat
esic
accounts
VAT
gst council meeting
gst return
ca
gstr 3b
Professional Resource
corporate law
eway bill
cbdt
shares stock
Others
itr
exams
audit