Insurance claim
This query is : Resolved
14 April 2014
Dear Sir,
Our Machinery got damaged in Accident. Its book value is 5 Lakhs, Insurance IDV is 7 Lakhs. So as Insurance Claim they have Paid us 4 Lakhs, for repairs to Machinery to get in working condition spent upto 4 Lakhs.
Pls tell me how to pass journal entry in the above case.
Our Machinery got damaged in Accident. Its book value is 5 Lakhs, Insurance IDV is 7 Lakhs. So as Insurance Claim they have Paid us 4 Lakhs, for repairs to Machinery to get in working condition spent upto 4 Lakhs.
Pls tell me how to pass journal entry in the above case.
15 April 2014
for repir bill
repair exp a/c
To vendor
after amount receiving insurance co.
bank a/c
to repair exp. a/c
repair exp a/c
To vendor
after amount receiving insurance co.
bank a/c
to repair exp. a/c
22 April 2014
Sir, if repair amount spent on machinery is Rs.3 Lakhs, then?
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