Loss by theft

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