the Sameer Transport Company purchased 10 trucks at rupees 90000 each on 1st April 2011 on 1st April 2013 one of the trucks was involved in an accident and is completely destroyed 56200 was received from the insurance company in full settlement on the same date and other truck was purchased by the company for the sum of 1 lakh the company rights of 20% per annum in the diminishing balance method the company maintains the calendar year as its financial year show the truck account for 4 years and in 31st December 2014