Menu
Journal entry..??
Stock – 1,00,000/-
Sale of Stock 40,000/-
Loss on Fire 10,000/-
Insurance Claimed 10,000/-
Required journal entry please..!!
Replies (1)
| 1 | Cash A/c | Dr. | 70000 |
| Insurance Alim recived | Dr. | 5000 | |
| Loss on Fire | Dr. | 5000 | |
| Los on Sale | Dr. | 20000 | |
| To Inventory | Cr. | - 100,000.00 | |
| 2 | P & L A/c | Dr. | 25000 |
| Los on Sale | Cr. | -20000 | |
| Loss on Fire | Cr. | -5000 |
Is this entry Correct./.??? Kindly advise me if i'm wrong..!!
Recent Threads
- CA FINAL SPOM
- 44ad presumption of tax
- Friendly loan to blood relative?
- Tds penalty for in operative pans
- TDS on Property- 26QB filing Doubt
- HSN code for Exempted supplies
- HSN Summary of Outward Supplies (Sales and Advance
- Joint Venture address proof under GST
- Leave encashment exemption limit
- Applicability of Section 194R of Income Tax Act.
Related Threads
CAclubindia
