Goods Damage and Gross profit Loss
This query is : Resolved
02 March 2020
Dear Sir,
in our Store roof is broken due to heavy rain it efect some goods damage. it cover under Insurance.
before pass the entry in books of account GP is postive value but
when I passed the entry in Tally
Insurance Claim receivable Dr. 225000/-
Purchase A/c Cr. 225000/-
Gross profit show negative value
please suggest Can i make mistake during entry
in our Store roof is broken due to heavy rain it efect some goods damage. it cover under Insurance.
before pass the entry in books of account GP is postive value but
when I passed the entry in Tally
Insurance Claim receivable Dr. 225000/-
Purchase A/c Cr. 225000/-
Gross profit show negative value
please suggest Can i make mistake during entry
21 May 2020
Your NET Profit will be same as Insurance Claim amount will be credited to PL Account. GP will become a loss.
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