We have a trailer that isn't showing as an asset that we hire out. The only place it would of appeared in the accounts will be as a purchase. This trailer got hit whilst on hire and written off. Where would I post the amount we received off the insurance for this?
I'm sure it's treated as disposal/sale of an asset, with insurance money paid against disposal, could leave you with a loss or gain on disposal.
Did you sort out your loan account thingy Steve? It's probably very simple but it's been doing my head in.
Edited because i don't know what i'm talking about.
I'm seriously going to have to take time out next year and revisit all i have studied, my brain seems to have turned to mush.
Why i try answering question son here i don't know. I read back my replies and think 'WTF'
-- Edited by Spamkebab on Monday 17th of December 2012 02:23:54 PM
-- Edited by Spamkebab on Monday 17th of December 2012 02:24:19 PM
-- Edited by Spamkebab on Monday 17th of December 2012 02:25:56 PM
It never went in as an asset, it should have in my mind but never did, I know what you mean with the disposals and such but it's just not been put like that to start with, so I have as usual bodged it and left a note for the accountant .
The loan dealy is something I have left, again, I have however marked who the purchases are for and will leave a note for the accountant, he can then do the necessary.
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