855 – Other (non-Subaru related)

Deductions From Income

Synopsis

Account 855

Debits

Credits

  1. All deductions of a miscellaneous nature not otherwise provided for in the Chart of Accounts that are related to any brand other than Subaru.

 

 

Remarks:

Included in this account are items such as: loss on sale of fixed assets; excess of premiums paid (over that portion of premiums representing the increase in cash surrender value) on life insurance policies where the retailer is the beneficiary (refer to Life Insurance – Cash Value (Account 291)); life insurance premiums paid on lives of owners, write-off of organization expenses, moving expenses, fees or commissions paid brokers or others for arranging capital loans, mortgages, etc., bank charges, and cash shortages.

 

Separate general ledger accounts (for example 855A, 855B) may be established for each deduction.  However, these accounts should be combined and shown in total in Account 855 on the Subaru Dealer Financial Statement.  A detailed schedule for this account should be provided and maintained for audit purposes.