Effect of goods lost by theft

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anita mourya (Querist)
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06 September 2017 HOW TO DO JOURNAL ENTRIES IN CASE OF GOODS LOST BY THEFT. AND INSURANCE CLAIM IS RECEIVABLE IN NEXT YEAR.
WHETHER INPUT CREDIT WILL BE REVERSED.

Amol S Joglekar

Amol S Joglekar (Expert)
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06 September 2017 input credit need not be reversed. You can lawfully claim the ITC.

anita mourya

anita mourya (Querist)
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06 September 2017 Thank you sir.
How to do JV

Amol S Joglekar

Amol S Joglekar (Expert)
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06 September 2017 01. Goods lost by theft...debit
Purchases.....credit
02. Bank account....debit
Goods lost by theft...credit (For receipt of insurance claim)

Dibin Divyakumar

Dibin Divyakumar (Expert)
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06 September 2017 U/s 17(5)(h) you can't claim input credit of goods lost, stolen, destroyed, written off or disposed off by way of gift or free samples, So You have to reverse the input credit on good lost.

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