How is normal loss stock brought into saleable condition?
The normal loss stock may be in a saleable condition or completely useless. There may be instances when the normal loss stock can be brought into saleable condition by bearing certain expenditure. This expenditure may be paid in cash or by cheques or may have been incurred and not yet been paid.
Where does normal loss go on the balance sheet?
Show the outstanding expense on normal loss stock on the liabilities side of the balance sheet. In handling transactions relating to normal loss as adjustment at the end of the accounting period, we assume that the proceeds are receivable, expenses are payable unless otherwise stated.
What are the types of losses that can be written off?
Generally, the kinds of losses that qualify for writing off in this way include: Ownership of stock shares that become worthless. Theft or vandalism for “Property, Plant, and Equipment” or other Capital assets Casualty or catastrophe such as fire, flooding or other natural disasters
What is the difference between pure economic loss?
Economic loss is a term of Tort which refers to financial loss and damage suffered by a person such as can be seen only on a balance sheet rather than as physical injury to the person or destruction of property. There is a fundamental distinction between pure economic loss and consequential economic loss,…
Is it hard to prove loss of profits?
If the loss of profits was not a foreseeable result of their actions, it might be hard to put the party causing lost profits on the hook. Basically, it’s a simple question as to whether the issue that took place was likely to cause lost profits for the claimant.
How to prove evidence of financial condition in punitive damage?
Civil Code section 3295 (c) requires plaintiffs attempting to discover evidence of financial condition to file a motion with the court before the defendant is required to respond to such discovery. To win such a motion, Civil Code section 3295 (c) requires you to prove it is more likely than not you will prevail on a punitive damage claim.
How to prove financial condition in a civil case?
The “financial condition” element may be the toughest punitive damage element to prove. In an obvious case where a jury is almost certainly going to find evidence of malice, oppression, or fraud, trial lawyers should make a motion for pretrial discovery pursuant to Civil Code section 3295 (c).
Which is the best definition of financial loss?
Financial Loss means any loss which is economic in nature and not consequent uponInjury or Property Damage.