Journal entry foir theft of bike

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Sahil (Querist)
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06 May 2014 Respected Sir,
\I am working in pvt. ltd. co. we have a motor cycle purchased in june 2013 worth rs. 45000/-

but in feb2014 motor cycle stolen.
we have lodged f.i.r.
what is the journal entry for loss of theft & insurance claim.
with depreciation if rate of dep. is 10 %

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 May 2014 Loss due to theft a/c
to Motor car a/c

Depreciation allowed from the day u using it till its lost.

Sahil

Sahil (Querist)
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07 May 2014 thanx. but depreciation will be charged first & after that with w.d.v. of bike debited to loss due to theft. & bt about to insurance claim.

Sahil

Sahil (Querist)
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07 May 2014 Respected Sir,

I have taken LIC Policy on dated 31.3.2014 & deposit Rs, 50000/-as Premium on the same date.
Please tell me this amount is eligible under section 80c for the f.y. 2013.2014.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 May 2014 yes after charging prop depn the wdv to be charged to p n l.

Sahil

Sahil (Querist)
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07 May 2014 thank u so much sir

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