CAs Please help -LOST CAR

RAMIT P. MASASLIA (CHARTERED ACCOUNTANT) (38 Points)

17 September 2009  

A Car has been stolen on 20 March, 2009.

Insurance claim is not yet submitted, only a few papers have been submitted upto the date of finalisation of accounts.

What effect of such a transaction should be given in the company's final A/cs on 31 March, 2009?

Fixed asset should be credited for sure. What should be the Debit effect?

Should a provision be created or loss should be recognised?

If provision for what amount & on what basis?

If to be debited to P & L A/c on what basis?