Journal Entry

Sandeep Yadav (CA Final ) (67 Points)

07 September 2010  


This is regarding the claim received towards theft of vehicle.

First, the firm's vehicle has been theft in the month of july, 2009 and claim received in the month of june, 2010. The W.D.V. of the vehile as per books is about Rs. 3.5 L and claimed amount is Rs. 4.00 L.

What is journal should be made in the books for f.y. 2009-2010 and for f.y. 2010-2011.

What is correct way to treat the profit as Capital gain or business income

with regards,