C
confusedchi
Guest
As a sole trader I recently received an insurance payment against a vehicle which was written off. Please advise on how to record the following:
1) loss of asset (value recorded with depreciation last year)
2) receipt of insurance payment (moeny recd was less VAT and excess) - not income received I assume
3) treatment of net loss between recorded value and money received
I am using TAS basics as accounting software - specific advice would be much appreciated! I assume that purchase of replacement vehicle not affected by insurance transactions and simply recorded as asset:addition and depreciated at year end?
Thanks
1) loss of asset (value recorded with depreciation last year)
2) receipt of insurance payment (moeny recd was less VAT and excess) - not income received I assume
3) treatment of net loss between recorded value and money received
I am using TAS basics as accounting software - specific advice would be much appreciated! I assume that purchase of replacement vehicle not affected by insurance transactions and simply recorded as asset:addition and depreciated at year end?
Thanks