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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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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 |
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