Treatement of loss of fixed assets in fire as per incometax act
This query is : Resolved
26 September 2013
please help me following case of loss of fixed assets due to fire and its treatemen incometax act
WDV of assets is 25,00,000 and loss due to fire is 18,00,000 and isurance claim 15,00,000 isurance claim is pending
How to make entry of above for incometax puro file a return before 30 sept.
WDV of assets is 25,00,000 and loss due to fire is 18,00,000 and isurance claim 15,00,000 isurance claim is pending
How to make entry of above for incometax puro file a return before 30 sept.
26 September 2013
Loss due to fire Dr.........300000
Insurance Claim receivable.1500000
To Fixed assets .................1800000
Above entry is on the basis of assumption that you have provided block value of assets Rs.2500000 out of which assets having WDV Rs.1800000 has been destroyed.
Insurance Claim receivable.1500000
To Fixed assets .................1800000
Above entry is on the basis of assumption that you have provided block value of assets Rs.2500000 out of which assets having WDV Rs.1800000 has been destroyed.
26 September 2013
Loss due to fire Dr.........300000
Insurance Claim receivable.1500000
To Fixed assets .................1800000
Above entry is on the basis of assumption that you have provided block value of assets Rs.2500000 out of which assets having WDV Rs.1800000 has been destroyed.
Insurance Claim receivable.1500000
To Fixed assets .................1800000
Above entry is on the basis of assumption that you have provided block value of assets Rs.2500000 out of which assets having WDV Rs.1800000 has been destroyed.
26 September 2013
if you are maintaining accumulated depreciation accounts
.
.
credit the cost of machinery and debit the accumulated depreciation on machinery
.
.
credit the cost of machinery and debit the accumulated depreciation on machinery
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