Asset stolen and money recovered from Security company
This query is : Resolved
31 May 2020
Dear All,
We were using one laptop for almost three years and provide the depreciation in books as per our company policy. Three days back some one stolen from office.
Since we have outside security agencies hence mangement took the decision to purchase the new one and debit all the money to security agencies
Pls help me with the accounting treatment for stolen assets as well as purchase the new one and money recovered from outside agencies
We were using one laptop for almost three years and provide the depreciation in books as per our company policy. Three days back some one stolen from office.
Since we have outside security agencies hence mangement took the decision to purchase the new one and debit all the money to security agencies
Pls help me with the accounting treatment for stolen assets as well as purchase the new one and money recovered from outside agencies
31 May 2020
Capitalise new laptop, against it charge off old laptop and the balance amount take it to other income.
Message likes :
1 times
01 June 2020
Security agency A/c Dr ( Amount of new laptop)
To Bank
New Laptop A/c Dr xxxx (Purchase Amount)
To Old laptop A/c ( WDV)
To other income (Balancing figure)
Bank Dr
To security agency
(On receipt of payment from security agency)
To Bank
New Laptop A/c Dr xxxx (Purchase Amount)
To Old laptop A/c ( WDV)
To other income (Balancing figure)
Bank Dr
To security agency
(On receipt of payment from security agency)
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