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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.
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Answer Posted / 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
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