Insurance amount received for repairing the asset
This query is : Resolved
10 July 2023
My clients
1. Laptop broke
2. She got a quote from Apple to fix
3. She purchased a new laptop as She was told the processing time was so long for insurance
4. Submitted quote for fix and a new laptop to the insurer
5. They paid for the amount to fix, not the full replacement, minus vat
How to account this and which nominal to use for the amount received from insurer
1. Laptop broke
2. She got a quote from Apple to fix
3. She purchased a new laptop as She was told the processing time was so long for insurance
4. Submitted quote for fix and a new laptop to the insurer
5. They paid for the amount to fix, not the full replacement, minus vat
How to account this and which nominal to use for the amount received from insurer
10 July 2023
Capitalise the value of new laptop.
Use the insurance amount for write off of the old laptop.
Use the insurance amount for write off of the old laptop.
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