Accounting of loss by fire
This query is : Resolved
06 June 2014
if goods loss by fire as on 25th march 2014 which cost of Rs.10000 and company claim the loss for the same to the insurance company but till the closing of the account i.e. 31st march 2014 company does not know how much insurance claim have to be received from the insurance company.
so please tell me entry as on 31st march 2014.
so please tell me entry as on 31st march 2014.
06 June 2014
Dr.Goods lost by fireA/c
Cr.Insurance claim receivableA/c
being goods cost 10000 lost
.
.
and you have to reverse the VAT input availed on this goods which is lost on fire as there is no output going to be generated using this input
Cr.Insurance claim receivableA/c
being goods cost 10000 lost
.
.
and you have to reverse the VAT input availed on this goods which is lost on fire as there is no output going to be generated using this input
07 June 2014
thanks Mr Ganeshbabu.
but tell me when insurance claim will receive Rs 8000 in next financial year i.e 2014-15 than we have to book loss Rs 2000 in fy2014-15 rather than 2013-14,if answer is yes, then treatement of loss has to book in the year when claim amount is to be received rather than in the fy when the loss incurred by fire
but tell me when insurance claim will receive Rs 8000 in next financial year i.e 2014-15 than we have to book loss Rs 2000 in fy2014-15 rather than 2013-14,if answer is yes, then treatement of loss has to book in the year when claim amount is to be received rather than in the fy when the loss incurred by fire
07 June 2014
you can calim loss of rs. 2000/- in 2014-15. due to you are not know on dt 31.3.2014
31.3.2014
insurance calim receivable a/c 10000
to purchases a/c
after calim
loss by fire a/c 2000
insurance company a./c 8000
to insurance calim receivable 10000
bank a/c 8000
to insurance company. 8000
31.3.2014
insurance calim receivable a/c 10000
to purchases a/c
after calim
loss by fire a/c 2000
insurance company a./c 8000
to insurance calim receivable 10000
bank a/c 8000
to insurance company. 8000
07 June 2014
Agree with above reply,
And also you should reverse the VATinput availed if any on those lost goods
And also you should reverse the VATinput availed if any on those lost goods
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