CBSE Class 11-commerce Answered
goods costing rs100000 were destroyed by fire.These goods were purchased within delhi.Pass journal entry
Asked by akkdsdsd4 | 12 Feb, 2019, 05:46: PM
Expert Answer
Goods destroyed by fire will result into loss therefore loss by fire is debited to the Income Statement. If goods lost were purchased by paying GST, the same has to be reversed by crediting the GST amounts. It is mentioned that the goods were purchased within Delhi, therefore we can consider that the goods were subject CGST 6% and SGST 6% which is now to be reversed. Following entry is to be passed:
Loss of Stock by fire A/c ...Dr. 112000
To Purchases A/c 100000
To Input CGST A/c 6000
To Input SGST A/c 6000
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