Asset stolen and money recovered from Security company

This query is : Resolved

Viren Gandhi (Querist)
Follow

31 May 2020 Dear All,

We were using one laptop for almost three years and provide the depreciation in books as per our company policy. Three days back some one stolen from office.

Since we have outside security agencies hence mangement took the decision to purchase the new one and debit all the money to security agencies

Pls help me with the accounting treatment for stolen assets as well as purchase the new one and money recovered from outside agencies

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

31 May 2020 Capitalise new laptop, against it charge off old laptop and the balance amount take it to other income.

Message likes : 1 times

CA Ankur Tripathi

CA Ankur Tripathi (Expert)
Follow

01 June 2020 Security agency A/c Dr ( Amount of new laptop)
To Bank

New Laptop A/c Dr xxxx (Purchase Amount)
To Old laptop A/c ( WDV)
To other income (Balancing figure)

Bank Dr
To security agency
(On receipt of payment from security agency)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SARAVANAN PALANISAMY

Vishnu Agarwal

SHUBHANGI GOEL

Shivchandra Jakhotia

CA Lalit Kumar Agrawal

Subscribe Now

Asset stolen and money recovered from Security company

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA