event occur after balance sheet date
This query is : Resolved
Ashish Kumar
(Querist)
21 April 2008
Respected Experts
In 15.01.2008, there is a fire in godown of a PSU company.company booked rs. 1 crore as a claim amount and entry has been passed in january. in april month insurance company grant claim rs.80 lakh. what are the accounting treatment in the balance sheet as on 31.03.2008. balance sheet date is 05th may 2008.in which amount we shown in balance sheet.
In 15.01.2008, there is a fire in godown of a PSU company.company booked rs. 1 crore as a claim amount and entry has been passed in january. in april month insurance company grant claim rs.80 lakh. what are the accounting treatment in the balance sheet as on 31.03.2008. balance sheet date is 05th may 2008.in which amount we shown in balance sheet.
Jayant Tathe
(Expert)
28 April 2008
On 31.03.2008 pass following entry
Insurance Claim Receivable A/c Dr. 1.00
To Purchase A/c Cr. 1.00
In April month - pass following two entries
Bank A/c Dr. 0.80
To Insurance Claim Receivable A/c 0.80
&
Loss Due to Fire A/c Dr. 0.20
To Insurane Claim Receivable A/c Cr. 0.20
Insurance Claim Receivable A/c Dr. 1.00
To Purchase A/c Cr. 1.00
In April month - pass following two entries
Bank A/c Dr. 0.80
To Insurance Claim Receivable A/c 0.80
&
Loss Due to Fire A/c Dr. 0.20
To Insurane Claim Receivable A/c Cr. 0.20
CA Sachin D Jain
(Expert)
26 July 2011
Dear Ashish,
As per AS-4 "events occuring after the Balance Sheet Date", the entry for claim receivable should be passed only for Rs. 0.80 Lacs.
As per AS-4 "events occuring after the Balance Sheet Date", the entry for claim receivable should be passed only for Rs. 0.80 Lacs.
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