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Loss of finished stock

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 November 2012 Dear Sir,
finished Stock worth Rs 10 Lacs lost by fire.
We filed claim agt this.
Rs 3 Lacs we received clim .
What Entries should be made in books?
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CA Dileep Surya Kumar

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CA Dileep Surya Kumar (Expert)
24 November 2012 1.Goods lost by Fire a/c 10 lac Dr
To Trading Account/ Stock A/c 10lac

2.Cash /Bank A/c 3lac Dr
Profit and Loss A/c 7lac Dr
To Goods Loss by Fire A/c 10lac

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