Answer / nithesh

loss of stock by fire--------dr
to trading a/c
being loss accurde amount charged to trading account

profit & loss a/c------------dr
to loss of stock by fir
being loss debited to p&l a/c

PLEASE EXPLAIN DEBIT NOTE & CREDIT NOTE?WITH THE FOLLOWING QUESTION? 1)IF X LTD.SOLD MATERIAL @ RS.112500/-WITH INCLUSIVE VAT @ 12.5% TO HIS SUPPLIER(CREDITOR),BUT AFTERWORD THEY FOUND THAT THE MATERIAL COMES UNDER 5% VAT RATE CATEGORY.SO HOW THEY ADJUST THEIR LOSS RS.7500/- IN THEIR BOOKS? 2)IF X LTD.SOLD MATERIAL @ RS.112500/-WITH INCLUSIVE VAT @ 12.5% TO HIS CUSTOMER(DEBTOR),BUT AFTERWORD THEY FOUND THAT THE MATERIAL COMES UNDER 5% VAT RATE CATEGORY.SO HOW THEY ADJUST THEIR LOSS RS.7500/- IN THEIR BOOKS?

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