Write Off Vehicle Asset

[Pauls]

Hi

Can I check what the general ledger journal entries would be for a vehicle written off in an accident.

There is a net book value of £13k and we have received £12k from the insurance claim

Many thanks

 

[Drmdcpa]

1k loss on disposition. Make sure to update depreciation before booking the disposition.

 

[ESSAM]

you will debit expense and credit Assets but after update the depreciation as mentioned above