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Asset lost in flood

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 February 2016 How should I account if the Fixed Asset Lost by Flood?
if there is no Insurance claim is received
Ex:WDV Rs.500000 (31.12.15) Accumulated Depreciation is 150000.(Upto 31.12.2015)
Asset Lost in Dec.2015.
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Ankur Singhal

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Ankur Singhal (Expert)
16 February 2016 Dear
Write off the amount Rs.350000/- as asset is no more available for use.
Treat the amount Rs.350000/- as revenue expenditure.

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