Accounting entry for vehicle repair exp incl insurance claim
This query is : Open
21 March 2018
Hi
Can you suggest me how to account the damage vehicle repair exp while insurance claim received by repairer/service centers.
If service center provide invoice to us
Invoice
Repair Charges (Labor service charges) Rs.30000/-
Spare parts cost Rs.20000/-
Total Bills is Rs.50000/-
in this bill service center claimed insurance on our vehicle, then he received claim of Rs. 15000/-
then service center ask to pay Rs 35000/-
how to account in our books
Can you suggest me how to account the damage vehicle repair exp while insurance claim received by repairer/service centers.
If service center provide invoice to us
Invoice
Repair Charges (Labor service charges) Rs.30000/-
Spare parts cost Rs.20000/-
Total Bills is Rs.50000/-
in this bill service center claimed insurance on our vehicle, then he received claim of Rs. 15000/-
then service center ask to pay Rs 35000/-
how to account in our books
21 March 2018
Account the bill of 50k in vehicle maintenance account and 15k from insurance company. Pay 35k to service center...
Adjust the 15k from Insurance to Vehicle maintenance account...
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