Try this.
LOOP AT item_table.
IF item_table-field_1 = Z_table-field_1 AND
item_table-field_2 = z_table-field_2.
item_table-sales_item_value = 1110.
MODIFY item_table TRANSPORTING sales_item_value.
ELSE.
DELETE item_table.
ENDIF.
ENDLOOP.
Try this.
LOOP AT item_table.
IF item_table-field_1 = Z_table-field_1 AND
item_table-field_2 = z_table-field_2.
item_table-sales_item_value = 1110.
MODIFY item_table TRANSPORTING sales_item_value.
ELSE.
DELETE item_table.
ENDIF.
ENDLOOP.