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?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Regarding Individuals Retuned to India and Resident currently
- Clubbing of Income - Minor
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- Minor Aadhar card cancelled
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Capital Gain Incidents
- Form 121-contradictory opinions
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- Rectification of TDS return - Sale of property
- 3cd- cash system of accounting is allowed?
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
