insurance claim of capital asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 August 2010
2 wheeler met with accident. plz tell me what will be effect in asset a/c and p&la/c.as there is simple accident , section 45(1a) will not apply.
CMA Ramesh Krishnan
(Expert)
28 August 2010
You need to adjust the actual loss and balance need to charge in P&L a/c
Dr:Insurance claim receivable a/c
Cr:Loss on accident a/c
Cr /Dr:Profit & Loss a/c difference amount
receipt entry
Dr: Bank a/c
Cr: Insurance claim receivable
Dr:Insurance claim receivable a/c
Cr:Loss on accident a/c
Cr /Dr:Profit & Loss a/c difference amount
receipt entry
Dr: Bank a/c
Cr: Insurance claim receivable
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