Journal entry foir theft of bike

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Sahil (Querist)

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)

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)

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)

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)

07 May 2014 yes after charging prop depn the wdv to be charged to p n l.

Sahil

Sahil (Querist)

07 May 2014 thank u so much sir

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