Insaurance claim
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 December 2011
if every year i recognize insurance premium as expense so when any asset lost worth 90000 out of which it is estimated that 75000 would be recovered so i would pass the following entry
Lost by theft a/c Dr. 90000
To Asset A/c 90000
when it actually becomes due then
Profit & Loss A/c Dr. 15000
Insurance Claim A/c Dr. 75000
To Loss by theft 90000
when received/ due
Insurance Co./Bank Dr. 75000
To Insurance Claim 75000
OR alternatively
P&L A/c Dr.
Insurance co. Dr.
To Asset
in first alternate in which category insurance claim shall be classified
i)Revenue
ii)Current Asset In Tally
Lost by theft a/c Dr. 90000
To Asset A/c 90000
when it actually becomes due then
Profit & Loss A/c Dr. 15000
Insurance Claim A/c Dr. 75000
To Loss by theft 90000
when received/ due
Insurance Co./Bank Dr. 75000
To Insurance Claim 75000
OR alternatively
P&L A/c Dr.
Insurance co. Dr.
To Asset
in first alternate in which category insurance claim shall be classified
i)Revenue
ii)Current Asset In Tally
Guest
Guest
(Expert)
15 December 2011
Pass entry as :
Loss by theft a/c dr. 90000 (expenses a/c)
to Assets a/c 90000
When you receive claim, pass following entry:
Bank A/c Dr. 75000
To Insurance Claim 75000 (Income A/c)
Loss by theft a/c dr. 90000 (expenses a/c)
to Assets a/c 90000
When you receive claim, pass following entry:
Bank A/c Dr. 75000
To Insurance Claim 75000 (Income A/c)
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