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loss of stock

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(Querist)
24 June 2010 hi,,,,

In case there is loss of stock and compensation received from the insurance co.is less than the value of stock destroyed what is the accounting treatment for the same (no stock register is maintained in this case)
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Rahul Gupta

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Rahul Gupta (Expert)
24 June 2010 On loss of stoack.

Loss on stock......Dr.
Insurance claim....Dr.
To Purchases/Closing Stock.....Cr.

On Receiveing Insurance Claim
Bank A/c......Dr
to Insurance Claim....Cr

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