Accounting entries for an asset destroyed during the year

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This discussion covers the accounting treatment for an asset that was destroyed during the financial year. It details the journal entries required to remove the asset from the books, account for accumulated depreciation, record any loss on disposal, and acknowledge scrap value realised. The entries provided aim to accurately reflect the asset's disposal and its impact on the company's financial statements.

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(Querist)
22 July 2020 Hi Experts,
Pl. advise:
Accounting entries for an asset destroyed during the year:
Op. Gross Value as on 01Apr2019 – Rs. 1,00,000/-
Op. Accumulated Depreciation as on 01Apr2019 – Rs. 60,000/-
Asset destroyed due to accident on 31Jul2019
Scrap value realized Rs. 2000
Thanking you in anticipation
Ramesh
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CA Ankith Jain

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CA Ankith Jain (Expert)
25 July 2020 Dr. Accumulated depreciation a/c (60,000) Dr. Loss due to accident (38,000) Dr. Cash (2,000) Cr. Asset a/c (100000)
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Aashok Kumar Sharmapro badge online

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Aashok Kumar Sharmapro badge online (Expert)
09 August 2020 I think proportionate depreciation should also be claimed for 2019-20....
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