An asset WDV at the end of a year is Re.1. After taking physical count of stock it was noticed that the asset is lost ( not available with the company). In this case what accounting entry needs to be passed to remove the asset from the books of accounts?
| Originally posted by : Anil | ||
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An asset WDV at the end of a year is Re.1. After taking physical count of stock it was noticed that the asset is lost ( not available with the company). In this case what accounting entry needs to be passed to remove the asset from the books of accounts? |
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It is an abnormal loss for the company,, so the entry is as follows:
Entry: Abnormal loss A/c Dr.
To Asset A/c
P/L A/c Dr.
To Abnormal A/c
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