Raw Material totally loss by fire in out factory
what is the entry with heads
3 Replies
CA Anurag Garg
(Chartered Accountant)
(339 Points)
Replied 20 March 2010
Dr Loss by fire account by Cr purshase account n trf loss to P & L on finalization
Pratik Agarwalla
(STUDENT)
(99 Points)
Replied 22 March 2010
DO AS GUIDED BY ANURAG. FURTHER IF U MAKE OR RECEIVE ANY INSURANCE CLAIM THEN DEBIT IT AND CREDIT THE CORRESPONDING AMT. TO LOSS BY FIRE A/C AND THEN TRANSFER THE REMAINING LOSS TO P/L A/C.
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