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......!!
3 Replies
Priya
(article)
(503 Points)
Replied 20 July 2012
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
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...
- Purchase A/C Dr 10,00,000
- To Creditor/CashA/c 10,00,000
for second...
- loss by fire A/c Dr 200000
- To PurchaseA/c 200000
For third
- loss by theft A/c Dr 400000
- To PurchaseA/c 400000
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
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
