loss of stock
This query is : Resolved
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)
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)
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
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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