Goods worth rs 1,000 were damaged in transit a claim was made on the railway authorities for the same journal entry
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Loss in transit A/c. Dr. 1000
To Goods lost in transit A/c. 1000
No entry for claim as it has not yet been accepted by insurance company
To Goods lost in transit A/c. 1000
No entry for claim as it has not yet been accepted by insurance company
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The answer is shown below:
Explanation:
The journal entries are shown below:
1. in case of claim received or not
Loss in transit A/c Dr $1,000
To Goods A/c $1,000
(Being the damaged goods in transit are recorded)
2. In case of claim received
Cash or Bank A/c Dr $1,000
To Loss in transit A/c $1,000
(Being the claim received is recorded)
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