Warranty claim
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2012
Dear Sir,
I have purchase a engine from mahindra dealer and make the payment for the same, but I found that the same is defective, I approached the mahindra & Mahindra for the engine. Now M&M is agree to make the payment against warranty claim.
Now, Please help me to pass the accounting entries for the same.
thanks & regards
Deepak Gupta
I have purchase a engine from mahindra dealer and make the payment for the same, but I found that the same is defective, I approached the mahindra & Mahindra for the engine. Now M&M is agree to make the payment against warranty claim.
Now, Please help me to pass the accounting entries for the same.
thanks & regards
Deepak Gupta
CA Kishore Tallam
(Expert)
12 April 2012
Since the machine is defective, it needs to be scrapped off. Calculate the WDV of the machine till the date of discard. Deduct the claim amount given by M&M and the balance shall be either gain / loss on sale of asset.
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
