Accounting treatment for stolen asset

In my opinion make the provision as on 31.03.2007 and finally settle it when claim is received. If any other option is avaiable pls share it.
Thanks

In my opinion if the amount receivable from the insurer is certain and is known before the date of approval of accounts, the same can be considered to find profit or loss. The profit/Loss will be difference between WDV on the date asset was stolen and amount receivable from insurer. This tretment will be in line with AS 4.

In my opinion,take depreciation upto the date of loss of asset i.e.either half or full year's depreciation @ 25%. As the Insurance Claim is finalised already at Rs.6 Lacs.It should be taken to Balance Sheet as Receivable as on 31.03.2007.When the WDV will be calculated it will result into profit as Insurance claim of Rs.6.00 Lacs shall exceed the WDV of the asset as on 31.03.2007.i.e 6.30 lacs less depreciation @ 25%.Since the Accounting Prudence does not recognise Profit before it accrues.Thus the profit will be reckoned as and when the claim is received.