Regarding fa
This query is : Resolved
09 March 2012
If in a company a assets is stolen then what will be the entry and how it will be disclosed in the FA schedule of the company.
10 March 2012
Loss by Theft A/c Dr
To Fixed Assets
.
With the effect of its entry; the fixed asset stolen would automatically be reduced in FA.
.
Reduce Gross Block from original value of the asset
.
Reduce depreciation claimed so far for the stolen asset from Total Depreciation.
.
(This is for the purpose of FA disclosure ).
.
.
Value Addition :
.
Strengthen internal controls in your company.
To Fixed Assets
.
With the effect of its entry; the fixed asset stolen would automatically be reduced in FA.
.
Reduce Gross Block from original value of the asset
.
Reduce depreciation claimed so far for the stolen asset from Total Depreciation.
.
(This is for the purpose of FA disclosure ).
.
.
Value Addition :
.
Strengthen internal controls in your company.
02 April 2012
In the financial accounts you should give effect to the stolen Fixed Assets. Just have a note that there is a FIR filed with the respective police station then Debit Fixed Assets Written Off Credit the Fixed assets with the amount of net block.
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