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Accounting for damage

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(Querist)
13 April 2012 My client made an car accident with third party and in settelement he is paid Rs 100000/- to third party by cheque for damage in settelement so plz tell me how it is accounted and under which head?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
13 April 2012 Need to debit as Loss on accident damage under indirect expenses, incase any insurance claim is there need to adjust that

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