Reposession of an Asset (Timeshare)

Discussion in 'Accounting Software' started by Carla, Apr 4, 2009.

  1. Carla

    Carla Guest

    Ok, we had on our balance sheet as an asset a timeshare. The purchase
    price was $28,000. In June of last year, the account was
    "cancelled". Effectively, the timeshare was cancelled and we lost our
    investment in it. The creditor, I was told, wrote off the balance,
    which was about $9,000.

    It was never depreciated because it was dealt with like real property.

    I am trying to figure out how to remove this from my books. Do I just
    debt Loss on Investment Property or some such account for the $19,000
    difference between the book value and the principal balance?

    Thanks.
     
    Carla, Apr 4, 2009
    #1
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