Accounting treatment
This query is : Resolved
Phani Yaswanth
(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
20 January 2014
Hi,
60K is capital receipt & not taxable!
So you need to capitalize the same & amount spend to be drawn down.
Thx
60K is capital receipt & not taxable!
So you need to capitalize the same & amount spend to be drawn down.
Thx
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