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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 / 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
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