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Insurance claim

This query is : Resolved 
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(Querist)
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.
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Rupesh Jain

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Rupesh Jain (Expert)
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




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BALESHYADAV

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BALESHYADAV (Querist)
22 April 2014 Sir, if repair amount spent on machinery is Rs.3 Lakhs, then?
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