Accounting treatment
This query is : Resolved
anil mandawat
(Querist)
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.
(Expert)
28 September 2015
IS IT CONTINGENT OR FINAL, THAT THEY WILL BE PAYING ?
IF ITS FINAL IT WILL BE RECEIVABLE OTHERWISE CONTINGENT ASSET.
IF ITS FINAL IT WILL BE RECEIVABLE OTHERWISE CONTINGENT ASSET.
anil mandawat
(Querist)
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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