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Post Info TOPIC: Which code???
AngelaWBS


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Which code???
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Hello to you all, I have a query which I can't quite fathom out at the moment.

My client had his photographic equipment stolen.  His insurance company, instead of giving him a cheque to bank, so he could go shopping; did all the shopping for him, therefore replacing all the equipment.

In the asset register I have taken out the equipment stolen and taken the depreciation too.  

To get the new equipment onto the nominal ledger, I am left with wanting to debit the assets, but what account do I credit?

Thank you
Angela

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Angela
http://www.bookkeeping-suffolk.co.uk/
BHB


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Hi Angela
If there is a nominal for insurance, would you not credit that for the Asset cost.

BHB

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lor


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BHB wrote:

Hi Angela
If there is a nominal for insurance, would you not credit that for the Asset cost.

BHB


Yes I would agree with Sandra, you should have a nominal a/c for Insurance claims and you would credit this a/c.

 



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AngelaWBS


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Hi BHB and Lor,

Of course, yes.

Thank you so much for your replies.

Angela

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Angela
http://www.bookkeeping-suffolk.co.uk/
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