Accounting Entry

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ABHISHEK (Querist)
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20 March 2010 Raw material lost by fire at our factory

what is entry passed in books of accounts for 2009-10.

reply with accounting heads

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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20 March 2010 Normal loss a/c Dr.
To, Purchase a/c or Raw material a/c

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 March 2010 I DONT THINK LOSS OF STOCK BY FIRE IS A NORMAL LOSS.

LOSS OF STOCK BY FIRE A/C DR.
TO PURCHASE A/C OR RAW MATERIAL A/C

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CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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20 March 2010 as per AS - 5, it's a normal loss

ABHISHEK

ABHISHEK (Querist)
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20 March 2010 If Co. go for Insurance Claim for this loss

or

If our jo worker go for same insurance claim on behalf of the co. and Insurance co. pay claim our job worker and he pay to co.

how to entry passed

pl give both entry sepretaly

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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20 March 2010 1. CASE - a. Insurance co. a/c Dr
To, Normal loss a/c

b. Bank Dr.
to, insurance co.

if through job worker:

a. Job Worker a/c Dr
To, Normal loss a/c

b. Bank Dr.
to, job worker a/c

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