Treatment of depreciation on goods destroyed by fire
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 August 2013
An asset was destroyed by fire in November-11
and Insurance Claim on Loss of such Asset was received in May-12
1.Kindly suggest the treatment of depreciation for 2012-13 (April and May)
2.Effect of Insurance Claim received,if any, on depreciation schedule.
and Insurance Claim on Loss of such Asset was received in May-12
1.Kindly suggest the treatment of depreciation for 2012-13 (April and May)
2.Effect of Insurance Claim received,if any, on depreciation schedule.
31 August 2013
1.Depreciation is not apply since the asset is deleted during the year, and loss can be booked to the extent of insurance claim
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
