Theft of fixed assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2012
Dear Sir,
i am doing job in a partnership firm, in my firm one motor car has been theft which WDV 525000 and Car laon amount is 532000,what should be make accounting entry as per income tax & as per Company law
please suggest me
i am doing job in a partnership firm, in my firm one motor car has been theft which WDV 525000 and Car laon amount is 532000,what should be make accounting entry as per income tax & as per Company law
please suggest me
20 February 2012
Accounting entry will be
Dr: Insurance claim receivable a/c (Insurance value
Dr: Prov. for Depreciation a/c (Depreciation till date)
Cr: Car a/c (WBV value)
Cr: Profit & loss a/c (Balance)
Dr: Insurance claim receivable a/c (Insurance value
Dr: Prov. for Depreciation a/c (Depreciation till date)
Cr: Car a/c (WBV value)
Cr: Profit & loss a/c (Balance)
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