Regarding accumalated deprication
This query is : Resolved
19 February 2020
The car was crashed 6 weeks ago and has been written off by the insurance company (non-repairable) they offered me Rs3000 and I told them that it wasn't acceptable! They finally offered me Rs 4499 and then deducted the policy excess of Rs600 out of this.
So this week O received the cheque for Rs 3899 which was addressed to me personally. I need to transfer this money into my business account but I'm not too sure how I reconcile the payment or what to put it as and also how to remove the car as an asset.
Value of asset (At cost): Rs6000
Accumulated Depreciation: Rs1200
So this week O received the cheque for Rs 3899 which was addressed to me personally. I need to transfer this money into my business account but I'm not too sure how I reconcile the payment or what to put it as and also how to remove the car as an asset.
Value of asset (At cost): Rs6000
Accumulated Depreciation: Rs1200
19 February 2020
Credit insurance receipt to car account and charge off balance to loss
19 February 2020
What is the Journal entry of this Transaction
20 February 2020
Bank account dr
To Asset account cr
( Insurance receipt)
Loss on assets ac dr
To Asset ac cr
( Balance amount charge off)
To Asset account cr
( Insurance receipt)
Loss on assets ac dr
To Asset ac cr
( Balance amount charge off)
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