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Loss on vehicle accident

Accounting Entries 176 views 1 replies

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

Replies (1)

requires some more information like 

Cash price

rate of dep

Rate of Int

amount of interest paid along with Installment amount.


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