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Accounting treatment

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(Querist)
20 January 2014 one of my client's asset worth 150000 (book value 100000) was damaged by a creditor by accident and also reimbursed an amount of 60000 and actual repairs incurred for us were case1.40000 case2.90000 case3.can't repair, totally damaged. what are the accounting entries to made in books of accounts in there three cases thank you
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@VaibhavJ

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@VaibhavJ (Expert)
20 January 2014 Hi,

60K is capital receipt & not taxable!

So you need to capitalize the same & amount spend to be drawn down.

Thx
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