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.
CMA Ramesh Krishnan
(Expert)
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
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