loss of vehicle
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2010
If vehicle (Depreciable assets) theft /lost and FIR lodged with Police Station. But block does not ceases and exist. Pls. suggest.
23 September 2010
if any insurance claim received.......credit the block with that amount.
If nothing received...left it as it is & continue claiming depreciation.
If nothing received...left it as it is & continue claiming depreciation.
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2010
what about loss of assets
23 September 2010
Until, assets is decapitalise in books , block will exists.
24 September 2010
the above treatment is for income tax purpose
for accounting purpose its a loss to be debited to p&l (or capital a/c of proprietor/partners)
for accounting purpose its a loss to be debited to p&l (or capital a/c of proprietor/partners)
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