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insurance claim of capital asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 April 2011 PVT LTD COMPANY GAVE ITS CAR FOR SERVICING.SMALLER PARTS OF DIFFERENT VALUES LIKE 500,1000 ETC WERE DAMAGED WHICH ACCUMULATED TO TOTAL DAMAGE OF 11000.COMPANY CLAIMED INSURANCE AND GOT RS 9000 .WHAT WILL BE ITS ADJUSTMENT?WILL IT AFFECT ITS CAR VALUE IN BOOKS(PARTS ARE OF IRRELEVANT VALUE AS STATED ABOVE)?WHAT WILL BE ENTRY PASSED FOR INSURANCE CLAIMED AND AMOUNT RECIEVED?
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s v rajesh

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s v rajesh (Expert)
10 April 2011 Hi,

If you have received claim from insurance company for spare parts treat that as income but need to set off with expenses and show the balance as expenses.
So the net effect will be Rs.2000 as expenses.
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