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
- 10994 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
I TRANSFERRED A STOCK OF RS. 100.00 FROM HEAD OFFICE DELHI TO MFG. UNIT OFFICE AT HARYANA AGST FORM F.AT BRANCH GOODS ARE PROCESSED AND ADDED VALUE OF RS. 80.00 AND TRNF BACK TO DELHI HEAD OFFICE FOR RS. 180.00 AGST FORM F FROM HARYANA . AND HEAD OFFICE SOLD THIS TO PARTY AT RS. 200.00 . I WANT TO KNOW HOW TO MAKE ACCOUNTING ENTRIES IN BOTH BOOKS HEAD OFFICE AND BRANCH OFFICE. TO SETTEL ACCOUNT AND TO CONSOLIDATE THE BOOKS AT THE END OF YEAR.
What is ERP? Diff b/w Income & Expenditure a/c & P/L a/c? What is the fullform & the application of SAP? What is the reasons where Balance sheet will not tally?
I have a doubt in tally,if a customer purchase our product on cash or sometimes credit,under which head i need to make the customer ledger.?
Explain what is the disadvantage of double entry system?
IS METHODEX IS GOOD INSTITUTE FOR SAP FICO MODULE TRAINING. IS IT IN BANGALORE OY HYDERABAD.
we have a bill for billing software modification, i want to know that which head post this entry in tally & also tds applicable or not.
What is accounting period?
BRIEF IN DETAIL REGARDING RATIOS
1.recivable and payble 2.pf,tds,esi
What is fitting and fixtures?
Where I can Found Cost Reduction Techniques Implemented by Various cement Companies
WHAT IS THE LAST DATE OF HOUSE TAX SUBMITED , AND WHAT IS THE RATE OF HOUSE TAX ?WE PAID HOUSE TAX MCD OR ANY OTHER. PLEASE TELL ME.
explain the relevance of closing stock account in trading a/c when preparing the gross profit?
examole of cash to cash contra entry
VAT PER SURCHARG KAB SE KIS DATE SE LAG RAHA HAI
