banner_ad

Solve journal entry question................!!

CPT 15307 views 4 replies

Pass the journal entry

1) Goods worth Rs. 500 were damaged in transit ; a claim was made on the railway authorities for the same

2) Sold 40 shares in Bharat Ltd. @ Rs 18 per share, bokerage paid Rs 15.

 

Replies (4)

For 1..

WHETHER CLAIM IS RECEIVED OR NOT............????????????

Loss in transit A/c.........Dr     500

            To Goods A/c                           500

(Being Goods Lost in trasit)

When claim is received

Cash/Bank A/c ...........Dr       500

         To Loss in transit A/c                500

(Being claim is received from railway)

For 2..

Brokerage A/c ........Dr.      15

              To Bank A/c                       15

(Being Brokerage paid on sale of shares)

Bank A/c .................Dr. (40*18)    720      

             To Shares in bhart ltd A/c          720

(Being shares in bharat ltd sold @ 18 per share)

 

OR

 

Bank A/c..................Dr     705

Brokerage A/c.........Dr       15

              To    Shares in Bharat Ltd A/c     720

(Being shares in bharat ltd sold @ 18 per share and brokerage paid for the same)

Same...Agreed wid vikas..
Agrreeeeeeee with vikas....

BUT WHAT IS THE GOLDEN RULE FOR INSURANCE CLAIM ADMITTED?

FOR EG.IF WE PURCHASE ANY ASSET WE RECITE ''ASSET COMES IN''  AND ''CASH GOES OUT''.....LIKE THIS WHAT'S THE GOLDEN RULE FOR INSURANCE CLAIM?


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details