Sir, I would like know how I can make entries for below.
Value of Vehicle 13,00,000. (Vehicle was used for only 6 months.)
Down Payment & Installments paid 4,47,300
Insurance Claim recieved 2,24,960
The accident vehicle will be taken back by the vendor, and our remainig installment is cancelled.
How I can close, the vehicle account, vendor account and the loss & depreciation.
Thanks,
Mohammed Basheer
requires some more information like
Cash price
rate of dep
Rate of Int
amount of interest paid along with Installment amount.
KK & Company Chartered Accountant
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