ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT
DURING THE TRANSPORTATION ALL GOODS ARE DESTROYED.ACCORDING
TO AGREEMENT INSURENSE CO. PAID 75% OF DESTROYED GOODS TO
SELLER.
WHAT WILL BE JOURNAL IN BOTH PERSON ACCOUNT.
Answers were Sorted based on User's Feedback
NO ENTRY IN ABC LTD BOOK
in XYZ LTD
1- ABC LTD Dr. 4,00,000/-
SALE A/C Cr. 4,00,000/-
2- SALE A/C Dr. 4,00,000/-
ABC LTD Cr.4,00,000/-
3- LOSS IN TRANSIT (EX.) Dr. (PURCHASE AMOUNT + DIRECT EX.)
CLOSING STOCK Cr. (PURCHASE AMOUNT + DIRECT EX.)
4-BANK A/C Dr.75% OF PURCHASE AMOUNT + DIRECT EX.)
INSURENCE CLAIM Cr.75% OF PURCHASE AMOUNT + DIRECT EX.)
Is This Answer Correct ? | 13 Yes | 1 No |
Answer / reddy
THIS IS REDDEPPA. Ph:9008343183. BANGALORE.
1) NO ENTRY IN ABC LTD BOOK.
2) Books of XYZ Ltd.
a) ABC LTD. A/C Dr 400000
TO SALES A/C 400000
(BEAING SALES TO ABC LTD.)
b) SALES RETURNS A/C Dr 400000
TO ABC LTD.A/C 400000
(BEAING SALES RETURNS)
c) NORMAL LOSS A/C Dr 400000
TO OPENING STOCK A/C 400000
(BEAING GOODS ARE DESTROID IN TRAVALLING)
D) CASH/BANK A/C 300000
TO INSURENCE CLAIM A/C 300000
(BEAING CASH RESIVED FROM INSURENCE )
e) P&L A/C Dr 100000
TO NORMAL LOSS A/C 100000
(BEAING LOSS TRANFORD TO P&L A/C)
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / t.saravanan
Books of XYZ Ltd
ABC Ltd Dr 400000.00
To Sales Cr 400000.00
Sales Return a/c Dr 400000.00
To ABC Ltd Cr 400000.00
Insurance Co a/c Dr 300000.00
P&L A/c Dr 100000.00
Sales Return a/c Cr 400000.00
Bank a/c Dr 300000.00
Insurance Co a/c Cr 300000.00
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / jbs
XYZ BOOK ENTRY:::
FINISH GOODS DAMAGE A/C- 400000 DR
CLOSING STOCK A/C- 400000 CR
AND
BANK A/C - 300000 DR
FINISH GOODS DAMAGE A/C- 300000 CR
Is This Answer Correct ? | 1 Yes | 2 No |
Answer / varun gupta
NO ENTRY IN ABC LTD BOOK
in XYZ LTD
1. BANK A/C DR 300000
ABNORMAL LOSS A/C DR 100000
TO PURCHASES(GOODS)A/C 400000
2. P/L A/C DR 100000
TO ABNORMAL LOSS A/C 100000
Is This Answer Correct ? | 1 Yes | 2 No |
Answer / sonug591
ABC A/C
THERE IS NO ENTRY IN ABC BOOK
XYZ A/C
ABNORMAL LOSS Dr.100000
BANK A/C Dr.300000
SALE Cr.400000
Is This Answer Correct ? | 3 Yes | 5 No |
Answer / subash rout
Assumption-In case of seller responsibilty
No Entry for ABC Ltd.
In XYZ Ltd Books entry will be
1.XYZ Ltd A/c dr 4,00,000
Sale A/c cr 4,00,000
2. Insurance Claim Recivable A/c dr 3,00,000
Loss In Transit A/c Dr 1,00,000
XYZ Ltd A/c cr 4,00,000
3.Bank A/c Dr 3,00,000
Insurance claim receivable A/c 3,00,000
Assumption-In case of Buyer responsibilty
In XYZ ltd book
1.ABC A/c dr 4,00,000
to Sale A/c 4,00,000
2.Bank A/c dr 1,00,000
to ABC ltd A/c 1,00,000
3. Insurance claim receivable A/c Dr 3,00,000
ABC Ltd A/c 3,00,000
4. Bank A/c Dr 3,00,000
Insurance Claim Receivable 3,00,000
in ABC Ltd. Bookd
1. loss in transit A/c Dr 4,00,000
to XYZ ltd A/c 4,00,000
2 XYZ ltd A/c Dr 4,00,000
Loss In Transit Cr 3,00,000
Bank A/c Cr 1,00,000
Is This Answer Correct ? | 0 Yes | 2 No |
what is MIS report we prepare it?
Where we post the Amalgamation of goodwill
Four of the following five are alike in a certain way and hence from a group.Which one of the following does not belong to that group? 21,35,49,63,56........ if u get answer pls explain hw u get it?
Explain what does financial statement of the company includes?
what is the accounting term of bank reconcilation? explain me
What will be the Journal entry for these transaction- Sold goods costing Rs.20,000 for Rs.30,000 on cash
Tell me,as per companies which section P&L Account and balance sheet will be prepared
why we prepare our accounts of book and why do audit our accounts of book
REPORATE
what is the provisional of salary?
WHAT IS THE DIFFRANCE B/W THE PREFERENCE SHARES AND EQUITY SHARES....
Can u please send me a set of accounting base questoin with answer,genraly ask by interviewer?