Claim of depreciation on stolen asset
This query is : Resolved
12 July 2013
Dear Expert,
We are a private limited company.
During the last financial year i.e. 2012-13, one of our Vehicle has been stolen.
Claim has be submitted to the Insurance Company.
Does in this case are we entitled to claim Depreciation for full year for said vehicle.
Also please advise, is there any requirement of disclose this theft in Audit Report by the Auditors of the Company.
Thanking you,
Mohan Saxena
We are a private limited company.
During the last financial year i.e. 2012-13, one of our Vehicle has been stolen.
Claim has be submitted to the Insurance Company.
Does in this case are we entitled to claim Depreciation for full year for said vehicle.
Also please advise, is there any requirement of disclose this theft in Audit Report by the Auditors of the Company.
Thanking you,
Mohan Saxena
12 July 2013
dep.has to be claimed till the day of steaing.depending on the materiality value & auditors consideration will be disclosed in audit report
13 July 2013
dep can be claimed from 1/4- date of theft only.
Auditors should mention it in theri report after verifying the fir and other available doc.
Auditors should mention it in theri report after verifying the fir and other available doc.
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