Stolen Laptop how to account for it

[Alison Jones]

HI

We had a laptop stolen from our shop. It had only been in stock a few days when it got stolen (last week) we still have to pay our supplier but unless the laptop is recovered (probably unlikely) there is not going to be a sale and our excess on insurance too high to bother claiming. Does anyone know if this can be accounted as a normal purchase on sage or is there a better way to account for it. We are a Limited Company. I have never come across this situation before (have been a bookkeeper 14 years and bosses when I worked and clients when I became freelance have never had this happen to them so did not know how best to deal with this) I am assuming that the VAT element can be claimed back in the usual way?

Thanks for any advise.

Alison

[elainec100@cheapaccounting]

Alison

If you have a stock accounting system then you would make an adjustment to write off the stock.

If not it will 'fall out' as a cost of sale when you do the year end stock take

i.e opening stock plus purchases (including the laptop) minus closing stock (excluding the laptop = cost of sales.

Hope this makes sense

[Alison Jones]

HI Elaine

Thanks for your help really appreciate it.

Alison