Theft Loss accounting in Books

Rakesh Verma (8 Points)

13 January 2020  

I have sold goods to customer. Invoice raised & goods handover to transporter. During transit Transporter vehicle stolen and our goods are not recovered.

we have no insurance for in-transit goods. how can we books Theft Loss in our financials statement. 

Please clarify with journal entries. We maintain inventory in Tally ERP 9