ASSETS
This query is : Resolved
Querist : Anonymous
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.
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.
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
Message likes :
1 times
Querist : Anonymous
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/-
I AM FOLLOWING STRAIGHT LINE METHOD
CAR VALUE 100,000/-
DEP 20,000/-
CLAIM 60,000/-
16 May 2012
Bank A/c Dr 60,000
Loss A/c Dr 20,000
To Car A/c 80,000
Loss A/c Dr 20,000
To Car A/c 80,000
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
