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
CAclubindia
