Theft of fixed assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2012 Dear Sir,

i am doing job in a partnership firm, in my firm one motor car has been theft which WDV 525000 and Car laon amount is 532000,what should be make accounting entry as per income tax & as per Company law
please suggest me

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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20 February 2012 Accounting entry will be

Dr: Insurance claim receivable a/c (Insurance value
Dr: Prov. for Depreciation a/c (Depreciation till date)
Cr: Car a/c (WBV value)
Cr: Profit & loss a/c (Balance)