Question

what is the journal entry for goods for rupees 500 was damaged in transit claim was made on​

Answer 1

Damage A/c Dr.

To goods

Answer 2

Answer:

Journal Entry

Loss by damage in transit A/C Dr... ₹500

To Purchases A/C ₹500

(Being the goods Purchased got damaged in transit)

Insurance Claim A/C Dr... ₹500

To Loss by damaged in transit A/C ₹500

(Being claim was made)

Explanation:

If Goods Purchased are damaged , it's entry will be Debited and Purchase A/C will be Credited

And When insurance Claim is made ,it will be Debited and Goods Purchases A/C will be Credited.

hope it may help you...

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