ASSETS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2011 DEAR SIR
I have some problem with assets a/c. we have one car(1year old) Rs.100,000/- and on 2011 it’s make accident and the car cancelled by traffic department. and we got insurance claim RS.60,000/- please give me the entry also i want to know what will happened in the assets a/c. Please help me.

CS Bijoy

CS Bijoy (Expert)
Follow

13 July 2011 The value of the car Rs.100000/- after accident the value of the car 100000 menus the Depreciation that means the value of the car is WDV.If WDV is higher than the amount of Insurance than the question of Capital gain will raise and than treat it accordingly

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2011 THANK YOU FOR YOUR REPLY
I AM FOLLOWING STRAIGHT LINE METHOD
CAR VALUE 100,000/-
DEP 20,000/-
CLAIM 60,000/-

Upgrade to CAclubindia Pro. Subscribe Now!