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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2010 Respected sirs,

What journal entry should we passed in TALLY for stolen of goods . Kindly mention Under which group we will book this journal entry.

With thanks & Regards

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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31 July 2010 It is need to debit As abnorma loss to the extent of insurance claimed

Dr:Abnormal loss
Dr:Insurance receivable
Cr:Stock

Taranjit Singh

Taranjit Singh (Expert)
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31 July 2010 In case of loss of stock, if there is Normal loss no entry
is required to pass in such cases price have to be
inflated.But for abnormal loss:-

Loss of stock A/c.....Dr.
To stock A/c

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CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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31 July 2010 AGREED WITH EXPERTS.
ABNORMAL LOSS SHOULD BE DEBITED AS EXPENSED EXTENT TO INSURANCE CLAIM.

LOSS WHICH IS NOT ENTERTAINED BY INSURANCE COMPANY WILL BE DEBITED TO PROFIT & LOSS A/C