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 / 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)
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