Journal Entry

A/c entries 612 views 2 replies
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CA Final
67 Points Joined August 2008

Hi,

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,

sandeep

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On 07 September 2010 at 19:40 Report
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CA-Final
68 Points Joined August 2008

 

IN CASE IF CLAIM OF RS. 4 L APPROVED BY INSURENCE CO. & SAME IS PAID BY THEM

 

IN  2009/10:- INSURENCE CLAIM RECIEVABLEA/C..................Dr.            4L

                                              TO, VEHICLE                                                                     3.5L

                                               TO, GAIN ON THEFT                                                          .5L

 

IN 2010/11 :- BANK A/C............................Dr.  4L

                               TO, INSURENCE CLAIM RECIEVABLE..........4L                   

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On 08 September 2010 at 11:50
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Article clerk
117 Points Joined April 2009

If block seizes to exists than surplus regared as Shortterm capital gain.

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On 20 September 2010 at 18:21


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