Regarding fa
This query is : Resolved
09 March 2012
If in a company a assets is stolen then what will be the entry and how it will be disclosed in the FA schedule of the company.
10 March 2012
Loss by Theft A/c Dr
To Fixed Assets
.
With the effect of its entry; the fixed asset stolen would automatically be reduced in FA.
.
Reduce Gross Block from original value of the asset
.
Reduce depreciation claimed so far for the stolen asset from Total Depreciation.
.
(This is for the purpose of FA disclosure ).
.
.
Value Addition :
.
Strengthen internal controls in your company.
To Fixed Assets
.
With the effect of its entry; the fixed asset stolen would automatically be reduced in FA.
.
Reduce Gross Block from original value of the asset
.
Reduce depreciation claimed so far for the stolen asset from Total Depreciation.
.
(This is for the purpose of FA disclosure ).
.
.
Value Addition :
.
Strengthen internal controls in your company.
02 April 2012
In the financial accounts you should give effect to the stolen Fixed Assets. Just have a note that there is a FIR filed with the respective police station then Debit Fixed Assets Written Off Credit the Fixed assets with the amount of net block.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Form 26QB for TDS on property
- Offsetting interest income against derivative trading losses
- DTCP approval
- Whether still royalty
- Payable outstanding for years disallowance
- RCM - commercial rent paid to URP under GST
- Input credit reversal for the FY2023-24
- Regarding Form 15CA & CB
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
