AA-49-How To Record Snatched Assets (Laptop)

Simple!

Dr. Pilferage

Cr. Asset lappy

Originally posted by : sabyasachi mukherjee
	It's an abnormal loss

Dear Sabyasachi Mukherjee,

Yes, it is abnormal loss. Please let me know how we will record In our account ? What will be the journal entry? 

What is the company policy? Cost?

How old is the laptop?

Originally posted by : Yasaswi Gomes new
	What is the company policy? Cost? How old is the laptop?

Dear Yassawi Gomes,

What do you mean about company policy ?

Laptop was Around 6 Month. 

IF IT WAS USED FOR LESS THAN 180 DAYS:

Dr. Loss on theft

Dr. Depreciation (180/365*Depreciation)

Cr. Asset

Otherwise depreciate the asset fully if its used for more than 180 days

Originally posted by : Yasaswi Gomes new
	IF IT WAS USED FOR LESS THAN 180 DAYS: Dr. Loss on theft Dr. Depreciation (180/365*Depreciation) Cr. Asset Otherwise depreciate the asset fully if its used for more than 180 days

Dear Yassawi Gomes,

Thanks for your informativ reply.

Please let me know loss on theft account will generate under indirect expenses account?

Further,  suppose if it lost rather than theft, should we have to generate account named loss on lost ? 

Usually costing books mention pilferage. So use that word instead

Sorry forgot, it's a direct loss means direct expense.