Accounting for Loss by Fire

Hi

1.For destroying of printer by fire

    Loss By fire                             Dr.

   Accumulated Depreciation ..Dr

   Bank ( Insurance Claim)       Dr.

        To Printer                                              Cr.

2. For purchasing new printer

     Printer              Dr.

          To  Bank/Cash/Creditor               Cr.

I agree with the C.A MANINDER

First entry will be applicable if the Printer is stated at cost, so to reduce the accumulated depreciation

In case of  w.d.v no need for the entry of Accumulated depreciation entry

fine, agree wid mahinder

 agree with maninder..........

sir if there is no depreciation and insurance claim then

the entry as stated in my query is correct or not?

one of my client have done this entry I think this is wrong entry ? and this should be

1. Loss by fire a/c dr

        to Printer (old)

2. printer dr.

      to Cash/ Bank/ Creditor

Ya it will be right

ok Thank u