Pass the Journal Entery.....
If Goods Purchased Rs. 10,00,000
& Goods Lost by fire Rs. 2,00,000
& Goods Stolen Rs. 4,00,000
please explain in detail......!!
Harish Kumar (IPCC) (475 Points)
20 July 2012Pass the Journal Entery.....
If Goods Purchased Rs. 10,00,000
& Goods Lost by fire Rs. 2,00,000
& Goods Stolen Rs. 4,00,000
please explain in detail......!!
Priya
(article)
(503 Points)
Replied 20 July 2012
Harish Kumar
(IPCC)
(475 Points)
Replied 20 July 2012
| Originally posted by : Priya | ||
 |
debit the increase in asset, increase in expense purchase to cash/creditor 10 lakh loss by fire 2lakh loss by theft 4lakh to purchase 6lakh if any amount is later recovered credit the loss account with that amount |
 |
Sorry Priya.....I am not understand......
please clarify to best.....of understand........!!
We have left 4 lac of Purchases .....where it shown......!!
Roshan
(Student)
(123 Points)
Replied 21 July 2012
I think...
for first line (If Goods Purchased Rs. 10,00,000) entry will be...
for second...
For third
Here, purchase is of 10,00,000. It is deducted by loss (200000+400000). The remainning 400000 is within the stock.
In Purchase ledger Account...
To Cash/Creditor 10,00,000 By loss fire & theft 600000
By Balance c/d 400000
10,00,000 10,00,000
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
