DEP.ASSETS

This query is : Resolved

Mahendra (Querist)
Follow

31 January 2023 Purchase of Machinery 04.05.2017 but not installed at , installation process is running .10.05.2017 fire accured and machine destroy.
QUESTIONS
1) THIS MACHINE IS ADDED TO PART OF BLOCK OR NOT? IF YES IN WHICH SECTION
2) CAN I CLAIM INSURANCE FROM INSURER COMPANY ? BECAUSE GROUP INSURANCE POLICY TAKEN BY COMPANY.
3) INSURANCE COMPANY SAID IS NOT A PART OF BLOCK & NO PRODUCTION IS START SO THIS MACHINE IS NOT PAID ANY INSURANCE AMOUNT

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

31 January 2023 1 Machinery not installed not a part of block.
2 and 3 Check insurance policy.

Mahendra

Mahendra (Querist)
Follow

31 January 2023 Thankyou for reply .
If not a part of block ,then how to show in my balance sheet , my point of view they added to block but no depreciation charged.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

31 January 2023 Okay add it in block but will be considered as non commissioned items.

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

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

Anju Susan

Girdhar Harlalka

zafar chandwale

atul kumar soni

T E SOUNDARARAJAN

Subscribe Now

DEP.ASSETS

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Accountant

GST CONSULTANCY

CA Final

Article Assistant

Manager- Finance and Compliance