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Demolition of Building

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(Querist)
12 January 2011 What will be the accounting treatment for building demolished by client himself (i.e. not by any natural calamity or by MCD)
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Vivek Raju P

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Vivek Raju P (Expert)
12 January 2011 1. Reverse the gross block and acc dep.
2, Charge off the WDV amount of the asset to loss.
3. If any insurance claim is filed and accepted for payment show the amount in Current assets as due from insurance co and reduce it from the loss that is being shown above.
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