Loss on vehicle accident

Mohammed Basheer (7 Points)

07 October 2017  

Sir, I would like know how I can make entries for below.

Value of Vehicle 13,00,000.  (Vehicle was used for only 6 months.)

Down Payment & Installments paid 4,47,300

Insurance Claim recieved 2,24,960 

The accident vehicle will be taken back by the vendor, and our remainig installment is cancelled.

How I can close, the vehicle account, vendor account and the loss & depreciation.

Thanks,

Mohammed Basheer