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Loss by theft

A/c entries 2225 views 4 replies

Loss by theft

We have the loss of insured raw material of Rs.20000/- by theft in a Ltd. Co.in F.Y.2008-09.(Claim not settle till date).

For above Please tell me the accounting entries & notes on accounts.

Thanks.

Replies (4)
Originally posted by :nitin kumar vijay
" Loss by theft
We have the loss of insured raw material of Rs.20000/- by theft in a Ltd. Co.in F.Y.2008-09.(Claim not settle till date).
For above Please tell me the accounting entries & notes on accounts.
Thanks.
"

Date of loss..
 

Loss by theft                 Dr

    To Purchases a/c

If insurance co. accept claim than on the date of acceptance

Insurance co  A/c         Dr

    To Loss by theft a/c

 

 

 Notes: Company's claim for loss of Raw Material by theft for Rs....is pending with ........Insurance Co. Company is hopeful of getting the claim in full hence no provision for loss if any has been made in accounts. 

Thanks a lot but please also describe that the  enrty of CENVAT REVERSAL &  RAWMETERIAL (treat as stock or consumption.)

Thanks

Stock by theft  ..Dr

  To Cenvat Credit A/c

  To Stock A/c


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