Entry for lost by fire of an item
This query is : Resolved
21 November 2011
Dear All,
I have a confusion regarding entry and need ur suggestions. We had a machinery in our private limited company. It was not insured & the same was fully burnt by fire on 15th November. Now how should we make this entry in our books of accounts. The machinery was purchased before 1st April 2011.
Its urgent. Looking forward for your quicker reply.
Thanks & regards,
Vijay
I have a confusion regarding entry and need ur suggestions. We had a machinery in our private limited company. It was not insured & the same was fully burnt by fire on 15th November. Now how should we make this entry in our books of accounts. The machinery was purchased before 1st April 2011.
Its urgent. Looking forward for your quicker reply.
Thanks & regards,
Vijay
21 November 2011
Loss by fire (Abnormal loss) Dr.
To, Fixed Asset A/c (WDV after providing for depreciation upto 15 Nov 2011)
An appropriate disclosure in notes to accounts and directors report may be required, if the loss constitutes a good(relativity concept) amount.
The auditors need to give a positive comment on the going concern objective of the organisation in their CARO report.
To, Fixed Asset A/c (WDV after providing for depreciation upto 15 Nov 2011)
An appropriate disclosure in notes to accounts and directors report may be required, if the loss constitutes a good(relativity concept) amount.
The auditors need to give a positive comment on the going concern objective of the organisation in their CARO report.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- ITR 1: Details for showing Exempt Income
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Bank Accounts in Balance Sheet for ITR 3
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
