insurance claim entry
This query is : Resolved
Quick Summary
10 February 2011
Hello Experts
I am sanjay this side. I want valuable advise on one entry in Tally. There is a car in the co's book and the insurance claimed by the co and the cheque has been recieved. I want to know that this amount is treated as an income of the co or the value of car has to be increased.
the entry should be:
Bank A/c Dr
Insurance Claim A/c Cr and this account is under Indirect Income head while creating the account in tally.
Kindly advise.
thanks and regards
sanjay
I am sanjay this side. I want valuable advise on one entry in Tally. There is a car in the co's book and the insurance claimed by the co and the cheque has been recieved. I want to know that this amount is treated as an income of the co or the value of car has to be increased.
the entry should be:
Bank A/c Dr
Insurance Claim A/c Cr and this account is under Indirect Income head while creating the account in tally.
Kindly advise.
thanks and regards
sanjay
10 February 2011
Dear Sanjay,
Your entry is correct. You should create "Insurance Claim Received" A/c under Indirect Income as it is not directly related to business activity. Secondly it never increases the value of the Car in any way.
Regards
Nishad
Your entry is correct. You should create "Insurance Claim Received" A/c under Indirect Income as it is not directly related to business activity. Secondly it never increases the value of the Car in any way.
Regards
Nishad
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