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.
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
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.
nitin kumar vijay
(Manager(Accounts))
(282 Points)
Replied 11 April 2009
Thanks a lot but please also describe that the enrty of CENVAT REVERSAL & RAWMETERIAL (treat as stock or consumption.)
Thanks
CA Lovenish Bansal
(JOB)
(343 Points)
Replied 21 April 2009
Stock by theft ..Dr
To Cenvat Credit A/c
To Stock A/c
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