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Treatment of depreciation on goods destroyed by fire

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Querist : Anonymous

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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.
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CMA Ramesh Krishnan

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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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