Effect of goods lost by theft
This query is : Resolved
06 September 2017
HOW TO DO JOURNAL ENTRIES IN CASE OF GOODS LOST BY THEFT. AND INSURANCE CLAIM IS RECEIVABLE IN NEXT YEAR.
WHETHER INPUT CREDIT WILL BE REVERSED.
WHETHER INPUT CREDIT WILL BE REVERSED.
06 September 2017
input credit need not be reversed. You can lawfully claim the ITC.
06 September 2017
Thank you sir.
How to do JV
How to do JV
06 September 2017
01. Goods lost by theft...debit
Purchases.....credit
02. Bank account....debit
Goods lost by theft...credit (For receipt of insurance claim)
Purchases.....credit
02. Bank account....debit
Goods lost by theft...credit (For receipt of insurance claim)
06 September 2017
U/s 17(5)(h) you can't claim input credit of goods lost, stolen, destroyed, written off or disposed off by way of gift or free samples, So You have to reverse the input credit on good lost.
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