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
- 10932 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
NO ENTRY IN ABC LTD BOOK
in XYZ LTD
1- ABC LTD Dr. 4,00,000/-
SALE A/C Cr. 4,00,000/-
2- SALE A/C Dr. 4,00,000/-
ABC LTD Cr.4,00,000/-
3- LOSS IN TRANSIT (EX.) Dr. (PURCHASE AMOUNT + DIRECT EX.)
CLOSING STOCK Cr. (PURCHASE AMOUNT + DIRECT EX.)
4-BANK A/C Dr.75% OF PURCHASE AMOUNT + DIRECT EX.)
INSURENCE CLAIM Cr.75% OF PURCHASE AMOUNT + DIRECT EX.)
| Is This Answer Correct ? | 13 Yes | 1 No |
Answer / 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)
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / 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
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / 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
| Is This Answer Correct ? | 1 Yes | 2 No |
Answer / varun gupta
NO ENTRY IN ABC LTD BOOK
in XYZ LTD
1. BANK A/C DR 300000
ABNORMAL LOSS A/C DR 100000
TO PURCHASES(GOODS)A/C 400000
2. P/L A/C DR 100000
TO ABNORMAL LOSS A/C 100000
| Is This Answer Correct ? | 1 Yes | 2 No |
Answer / sonug591
ABC A/C
THERE IS NO ENTRY IN ABC BOOK
XYZ A/C
ABNORMAL LOSS Dr.100000
BANK A/C Dr.300000
SALE Cr.400000
| Is This Answer Correct ? | 3 Yes | 5 No |
Answer / 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 |
FIC and Spadana spoorty companies had no time sense, so guyes plz dont go and attend for interviews i these compnies
over draft balance as per cash book (journal entries needed) a,cheques deposited in bank but no entry was passed in cashbook b, credit side of the bank, column cash short c, chques received but not sent to bank d, insurance premium paid by bank as per standing instructions e, credit side of bank, coloumn cash short f, bank charges entered in cash book twice g, cheques received returned by bank but no entry passed h, cheques issued returned on technical grounds i, bills directly collected by bank j, bank charges debited by bank k, cheques received entered twice l, bills discounted dishonoured
Tell me what a deferred asset is and give an example?
Describe the advantages and disadvantages of the different accounting packages/systems you have used recently in your accountant jobs
The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2
Should purchase of Hard Disk and DVD be capitalised?
Sanjay Ltd invited applications from the public for the issue of 10,000 equity shares of Rs. 10 each at a premium of 20%, payable Rs. 3 on application; Rs. 5 on allotment including premium and the balance in two calls of an equal amount. Applications for 15,000 equity shares were received. The directors allotted 10,000 shares to all the applicants on pro-rata basis adjusting the excess application money towards allotment. All money due on allotment and calls were received. Give journal entries to record the above transactions in the books of the company. Also show the balance sheet.
what is the main defference between cash flow and funds flow
2 Answers Chartered Accountant,
WHETHER WE CAN BOOK ALL PRELIMINARY EXPENSES, INCLUDING ACCESSORIES RELATED TO PURCHASE OF A NEW VEHICLE TO CAPITAL EXPENDITURE?
how to value stock?
What is the Difference Between Simple Chq. and At Par Chq. ?
what is mean by contra entry
Audit 
