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7. Malik Limited is preparing the financial statements for the period to 31 December 2018. On 7 January 2019, its sales rep crashed his company

Malik Limited is preparing the financial statements for the period to 31 December 2018. On 7 January 2019, its sales rep crashed his company car, writing it off. Unfortunately the vehicle was uninsured at the time of the crash.

Maliks CFO would like to write off the value of the vehicle in the financial statements to 31 December 2018. May he do this?

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