Anil (1638 Points)
10 January 2011
An asset WDV at the end of a year is Re.1. After taking physical count of stock it was noticed that the asset is lost ( not available with the company). In this case what accounting entry needs to be passed to remove the asset from the books of accounts?
Ravi Kumar Mahaur
(CA-FINAL)
(202 Points)
Replied 10 January 2011
| Originally posted by : Anil | ||
 |
An asset WDV at the end of a year is Re.1. After taking physical count of stock it was noticed that the asset is lost ( not available with the company). In this case what accounting entry needs to be passed to remove the asset from the books of accounts? |
 |
It is an abnormal loss for the company,, so the entry is as follows:
Entry: Abnormal loss A/c Dr.
To Asset A/c
P/L A/c Dr.
To Abnormal A/c
CAclubindia
