loss of vehicle

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 If vehicle (Depreciable assets) theft /lost and FIR lodged with Police Station. But block does not ceases and exist. Pls. suggest.

CA Punit

CA Punit (Expert)
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23 September 2010 if any insurance claim received.......credit the block with that amount.
If nothing received...left it as it is & continue claiming depreciation.

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 what about loss of assets

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CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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23 September 2010 Until, assets is decapitalise in books , block will exists.

CA Punit

CA Punit (Expert)
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24 September 2010 the above treatment is for income tax purpose

for accounting purpose its a loss to be debited to p&l (or capital a/c of proprietor/partners)