Goods Purchased Lost in Transit
Vipul Acharya (Account Officer) (647 Points)
11 August 2019Kindly share accounting entry and treatment
Vipul Acharya (Account Officer) (647 Points)
11 August 2019
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 11 August 2019
Pass J. E
Goods lost in transit A/c Dr 10000
To purchase A/c Cr 10000
(being goods lost in transit )
No Input tax credit available for goods lost under section 17(5) (h) of the CGST act 2017 , if you have taken credit reverse the same