What is the accounting treatment of loss of stock by theft if insurance compensation is received after balance sheet date but before approval of final accounts?
Thanks and Regards
(Ekta)
What is the accounting treatment of loss of stock by theft if insurance compensation is received after balance sheet date but before approval of final accounts?
Thanks and Regards
(Ekta)
(1)Debit cost of goods sold
credit inventory
(2) Debit Insurance compensation receivable
credit other income - insurance compensation
| Originally posted by : Rama chary | ||
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(1)Debit cost of goods sold credit inventory (2) Debit Insurance compensation receivable credit other income - insurance compensation |
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Agreed
Ensure provision of AS-4
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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