Pass the Journal Entery.....
If Goods Purchased Rs. 10,00,000
& Goods Lost by fire Rs. 2,00,000
& Goods Stolen Rs. 4,00,000
please explain in detail......!!
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Solve please.......!!
Replies (3)
debit the increase in asset, increase in expense
purchase
to cash/creditor 10 lakh
loss by fire 2lakh
loss by theft 4lakh
to purchase 6lakh
if any amount is later recovered credit the loss account with that amount
| Originally posted by : Priya | ||
 |
debit the increase in asset, increase in expense purchase to cash/creditor 10 lakh loss by fire 2lakh loss by theft 4lakh to purchase 6lakh if any amount is later recovered credit the loss account with that amount |
 |
Sorry Priya.....I am not understand......
please clarify to best.....of understand........!!
We have left 4 lac of Purchases .....where it shown......!!
I think...
for first line (If Goods Purchased Rs. 10,00,000) entry will be...
- Purchase A/C Dr 10,00,000
- To Creditor/CashA/c 10,00,000
for second...
- loss by fire A/c Dr 200000
- To PurchaseA/c 200000
For third
- loss by theft A/c Dr 400000
- To PurchaseA/c 400000
Here, purchase is of 10,00,000. It is deducted by loss (200000+400000). The remainning 400000 is within the stock.
In Purchase ledger Account...
To Cash/Creditor 10,00,000 By loss fire & theft 600000
By Balance c/d 400000
10,00,000 10,00,000
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