Accounting treatment

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anil mandawat (Querist)
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28 September 2015 I have received Insurance Claim of Rs. 70 lakhs from insurance company . But my claim is for Rs. 130 lakhs . The balance amount they give me after September Closeing. Hence what is treatment of balance insurance claim in my books.

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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28 September 2015 IS IT CONTINGENT OR FINAL, THAT THEY WILL BE PAYING ?

IF ITS FINAL IT WILL BE RECEIVABLE OTHERWISE CONTINGENT ASSET.

anil mandawat

anil mandawat (Querist)
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29 September 2015 my query is that i received balance insurance claim after September Closeing. In September half yearly books what should I do for Balance whether I recognise as income or show only in notes to account

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