Interested to Buy Any Domain ? << Click Here >> for more details...
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.
- 7 Answers
- 13034 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
Tell me do you think there is any difference between inactive and dormant accounts?
what is mean by sample account and data transfer rule in SAP FI?
Define public accounting?
how pass journal entry in the month ending for input vat and out put vat
GRIR is the clearing account so it the balance will be zero, so how it will impact with balance sheet and why we require to reconcile that account ?
What is executive accounting?
What is the definition of offset accounting?
how will you handle fairs in askening with the a high posistion person in a company? how will i develop my attitude when interviewed? am always scared.
Journalize the Following: 1. The following were purchased on account: a. Materials $ 10,000 b. Office supplies $ 2,000 c. Small tools $ 1,000
Hi.. I am pursuing my MBA II year thrgh distance frm O.U HYD., Pls let me know any jobs...in Bank jobssssss
what are doucement required under registration of properity firm. give the answer breif
Plz Ask from me New Accounting Questions.
how go make jaggery sales and purchace bill in tally 7.2,jaggery lumbs comes in different weight not fixxed weight and i want stock in lumbs and bill amount in rupees (exp.lumbs/weight/rate/amount-1000/102.50/2500/256250)
Who is considered the father of accounting?
What is journalizing?
