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
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.
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