Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Loss by theft

nitin kumar vijay (Manager(Accounts)) (282 Points)

07 April 2009

Loss by theft

We have the loss of insured raw material of Rs.20000/- by theft in a Ltd. Co.in F.Y.2008-09.(Claim not settle till date).

For above Please tell me the accounting entries & notes on accounts.

Thanks.

Reply
Follow
Share

4 Replies

PiyushAgrawal (Chartered acooutant in practice) (575 Points)
Replied 09 April 2009

Originally posted by :nitin kumar vijay
"	Loss by theft We have the loss of insured raw material of Rs.20000/- by theft in a Ltd. Co.in F.Y.2008-09.(Claim not settle till date). For above Please tell me the accounting entries & notes on accounts. Thanks.	"

Date of loss..

Loss by theft Dr

To Purchases a/c

If insurance co. accept claim than on the date of acceptance

Insurance co A/c Dr

To Loss by theft a/c

Upgrade to CAclubindia Pro. Subscribe Now!

deepak K Gujrati (CA-practice) (966 Points)
Replied 09 April 2009

Notes: Company's claim for loss of Raw Material by theft for Rs....is pending with ........Insurance Co. Company is hopeful of getting the claim in full hence no provision for loss if any has been made in accounts.