insurance claim of capital asset
Querist : Anonymous
If the car completely destroyed or damaged majorly which can not use futher, only then amount received from insurance company will be treated as consideration of car and amount will be adjusted with the cost of car and car will be treated as sale of car and will deleted from the fixed assets register.
But in your case expenditure of repair will be treated as car repair and maint. debited to Profit and loss Account and amount received from insurance company will adjusted with the expenditure bear by company.
Querist : Anonymous
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