Company's majority of stock which worth's 2 crores of the total stock of rs.2.9 crores was lost due to a fire accident in the month of August and the stock was not insured. Company can recover nothing fom the stock lost. In this situation, I think, company has to recognise the entire loss in this financial year. Am I correct?
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Stock lost in fire
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recognise entire loss as per as 29...
Mr Sumit,
You also have to reverse any input tax credit already claimed with respect to the damaged stock in the VAT returns......MJK
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