Goods Damage and Claim from Insurance Company
This query is : Resolved
29 November 2019
Dear Sir,
Few days ago the roof of godwon fell on Goods cause damage of maximum goods. We have claim the same from insurance compnay and got a cheque from. Please suggest how to adjust the same in books of account. means to what type entry pass in tally.
Few days ago the roof of godwon fell on Goods cause damage of maximum goods. We have claim the same from insurance compnay and got a cheque from. Please suggest how to adjust the same in books of account. means to what type entry pass in tally.
29 November 2019
Journal entry for actual loss
Insurance claim receivable ( control account under the head current assets) Debit
Credit - Raw naterial stock or Semi-finished goods stock or Finished goods stock as the case may be Credit
On receipt of claim from insurance company
Bank account Debit
Credit insurance claim receivable
If there is any gap between claim made and received, the difference amount to be debited to consumption account.
Insurance claim receivable ( control account under the head current assets) Debit
Credit - Raw naterial stock or Semi-finished goods stock or Finished goods stock as the case may be Credit
On receipt of claim from insurance company
Bank account Debit
Credit insurance claim receivable
If there is any gap between claim made and received, the difference amount to be debited to consumption account.
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