Question

goods lost in transit 500 journal entry ​

Answer 1

Explanation:

loss by transit account dr. 500

to purchases account. 500

(being goods lost in transit)

Answer 2

Introduction:

Goods lost in transit are considered an abnormal loss; thus, the value of such goods should be deducted from the cost of goods sold and recorded as a loss in the Profit and Loss account.

Explanation:

The journal entry would be :

Goods  loss in Transit A/C Dr.        500

   To Purchases A/C Cr.                     500

(Being good loss in transit)