Consignment

Accountancy

Why they didn't deduct insurance claim

aishwariya P

CA Inter

★ 180

05-Dec-20 15:18

699

Answers (4)

We credit total abnormal loss to consignment account. You can refer to the lectures.

CA Suraj Lakhotia

Admin

05-Dec-20 16:01

Where it is available? On YT?

Thread Starter

aishwariya P

CA Inter

★ 180

05-Dec-20 17:55

Abnormal loss is credited...but why insurance claim is not credited in consignment a/c

Thread Starter

aishwariya P

CA Inter

★ 180

07-Dec-20 15:18

Thread Starter

aishwariya P

Abnormal loss is credited...but why insurance claim is not credited in consignment a/c

Pls refer to the video on abnormal for detailed explanation. It was covered in youtube live held on Friday as well. The cost of abnormal loss is excluded while computing consignment profit or loss and hence credited. Insurance loss is credited to the abnormal loss account.

CA Suraj Lakhotia

Admin

07-Dec-20 16:23