USA Asset question help

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I work for a company which had an asset ( Auto) which was not on the books. Auto was totaled, proceeds received from Insurance were used to purchase another car. How to I properly record that transaction?
 

bklynboy

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I suspect the auto was expensed when purchased since no asset exists. If so record proceeds as income. New car as an asset and depreciate. May need more facts since accounting differs if the car was not actually purchased with company cash but instead owner used personal funds.
 

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