24 November 2012
Dear sir, company stock(raw material) fired in fire accident. as per as our books stock is 3 crores, fired stock is 1 crore .so we entered loss on fire stock enteries in tally. how many entries applied and what they are. please send me.
24 November 2012
As loss due to fire is Rs. 1 Crore so we have to record loss on fired stock of Rs. 1 crore. Whether there is any insurance against this stock or not. If no insurance cover is taken against this stock then entry would be 1) Loss on fire stock A/c (dr---whole loss i.e to purchase. 1Crore) if insurance cover is taken against this stock then, 1) Insurance Co. A/c dr (Amt. Recivable) Loss on fire stock A/c dr (Bal. Fig.) to purchase A/c.(1 Crore) and on receipt of insurance amount 2) Bank A/c dr to Insurance Co. A/c
CAclubindia
