Hi All Respected Members,
Please educate me on following:
Suppose, we purchased a laptop and record it as an assets. Unfortunately, it was sancthed from our employee, how we will record it in our accounts?
Thanks for your precious time and efforts to reply this query.
Simple!
Dr. Pilferage
Cr. Asset lappy
| Originally posted by : sabyasachi mukherjee | ||
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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 | ||
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What is the company policy? Cost? How old is the laptop? |
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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 |
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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.
CAclubindia
