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ASSETS

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 July 2011 DEAR SIR
I have some problem with assets a/c. we have one car(1year old) Rs.100,000/- and on 2011 it’s make accident and the car cancelled by traffic department. and we got insurance claim RS.60,000/- please give me the entry also i want to know what will happened in the assets a/c. Please help me.
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CS Bijoy

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CS Bijoy (Expert)
13 July 2011 The value of the car Rs.100000/- after accident the value of the car 100000 menus the Depreciation that means the value of the car is WDV.If WDV is higher than the amount of Insurance than the question of Capital gain will raise and than treat it accordingly
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Querist : Anonymous

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Querist : Anonymous (Querist)
16 July 2011 THANK YOU FOR YOUR REPLY
I AM FOLLOWING STRAIGHT LINE METHOD
CAR VALUE 100,000/-
DEP 20,000/-
CLAIM 60,000/-
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
16 May 2012 Bank A/c Dr 60,000
Loss A/c Dr 20,000
To Car A/c 80,000
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