Question

good costing rs 500 lost in railway transist. railway authority accepted the claim rs 300, which was paid pass journal entry​

Answer 1

Answer:

Loss in transit A/c.........Dr 500

To Goods A/c 500

(Being Goods Lost in trasit)

When claim is received

Cash/Bank A/c ...........Dr 300

To Loss in transit A/c 300

(Being claim is received from railway)