Goods Destryed

This query is : Resolved

Amandeep Singh (Querist)
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29 November 2019 Dear Sir

fire broke out the premise of the dealer and some goods destroyed. we have received some claim from insurance company
Please suggest below entry in books of account is correct or wrong
Stock Journal Consumation entry passed in tally

Loss of Fire 25000/- Dr. (Indirect exp.)
Stock loss by Fire 25000/- Cr. ( Indirect income)

Loss of Fire 4500/- Dr.
IGST Input 4500/- Cr. ITC Reversed

Insurance Claim Receivable 20000/- Dr. (Current Assets )
Loss of Fire 20000/-Cr.

Please advise to me sir

Gokul Sharma

Gokul Sharma (Expert)
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29 November 2019 purchase should be credited instead of stock loss by fire.

Amandeep Singh

Amandeep Singh (Querist)
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29 November 2019 Sir,
Rest is okay

Gokul Sharma

Gokul Sharma (Expert)
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29 November 2019 yes........rest is ok

Message likes : 1 times

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