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.
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.
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/-
I AM FOLLOWING STRAIGHT LINE METHOD
CAR VALUE 100,000/-
DEP 20,000/-
CLAIM 60,000/-
16 May 2012
Bank A/c Dr 60,000
Loss A/c Dr 20,000
To Car A/c 80,000
Loss A/c Dr 20,000
To Car A/c 80,000
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
Trending Online Classes
CAclubindia
