Insurance, journal entry

Thank you for the reply. How to cancel the effect of sales made. And also how to pass journal entries while reselling goods and paying salvage to insurance company

1) To Cancel sales of goods return you have to pass Credit Note . and credit note entry

sales return ( export) A/c Dr
To Overseas debtors A/c Cr
( Goods rejected)

2) resale entry and salvage payable

Overseas Debtors A/c Dr
To Export sales A/c Cr
( resale and salvage payable to Insurance Company)

3)  Salvage payment to Insurance Company

      Salvage payable    A/c  Dr 

     To  Insurance Company   A/c  Cr 

(  payable  entry ) 

 Insurance Company A/c Dr
 To Bank. A/c Cr
 ( salvage payment)

please  check  modified entry  as above .