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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.

Question Posted / sonug591

Answers were Sorted based on User's Feedback



ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT DURING THE TRANSPORTATION ALL GOODS ARE DEST..

Answer / alok anjani

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

ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT DURING THE TRANSPORTATION ALL GOODS ARE DEST..

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

ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT DURING THE TRANSPORTATION ALL GOODS ARE DEST..

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

ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT DURING THE TRANSPORTATION ALL GOODS ARE DEST..

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

ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT DURING THE TRANSPORTATION ALL GOODS ARE DEST..

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

ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT DURING THE TRANSPORTATION ALL GOODS ARE DEST..

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

ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT DURING THE TRANSPORTATION ALL GOODS ARE DEST..

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

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