Regarding fa

This query is : Resolved

Rahul B S (Querist)
Follow

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.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

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.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SUMAN SAHA

CA Rahul Patwardhan

T E SOUNDARARAJAN

Hanuma Yanduri

CA Bijo scaria

Subscribe Now

Regarding fa

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANCY

Article Assistant

CA Final

Accountant

GST CONSULTANT