Insurance claims
This query is : Open
03 March 2012
loss of stock main abnormal loss ka kya karte hai n pura procedure bata do plz.....abnormal loss ka..
06 March 2012
Your question is not clear, please redifine with more input.
Is it theft, skimming, cash larceny, items stolen, Misuse, fraudulent disbursement via forged cheques - false invoices - ghost emps or vendors - fraud memos overstated - overstated commissions - unauth use of company resources credit cards etc - kickbacks schemes?
However some basic info:
1. Abnormal loss of stock can be due to theft, fire or other natural calamity and there may be three circumstances
Ø When stock is fully insured
Ø When stock is un-insured
Ø When stock is partially insured
Most important is how to record the same in the books of account. Two important points need consideration:
1. The loss of stock should be valued at cost and not at market price.
2. The closing stock should be valued at cost after the considering the loss i.e. the closing figure should be net of loss.
Is it theft, skimming, cash larceny, items stolen, Misuse, fraudulent disbursement via forged cheques - false invoices - ghost emps or vendors - fraud memos overstated - overstated commissions - unauth use of company resources credit cards etc - kickbacks schemes?
However some basic info:
1. Abnormal loss of stock can be due to theft, fire or other natural calamity and there may be three circumstances
Ø When stock is fully insured
Ø When stock is un-insured
Ø When stock is partially insured
Most important is how to record the same in the books of account. Two important points need consideration:
1. The loss of stock should be valued at cost and not at market price.
2. The closing stock should be valued at cost after the considering the loss i.e. the closing figure should be net of loss.
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
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Gift of mutual fund units to daughter
- PPF interest-As Exempt Income disclosure
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Not able to file ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- 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
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
