Theft Loss accounting in Books

A/c entries 872 views 1 replies

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

Replies (1)

Debit Goods loss on theft account 

and credit final stock  account.


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