Insurance claim received accounting treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2013
sir,
A Insured truck is fired in the factory, the expenses was occurred on its repair was Rs. 200000/-. But the company can only recovered from insurance company Rs. 105000/-. Whats the account entries in the books of the company in that situation. and whats the treatment of the loss.
A Insured truck is fired in the factory, the expenses was occurred on its repair was Rs. 200000/-. But the company can only recovered from insurance company Rs. 105000/-. Whats the account entries in the books of the company in that situation. and whats the treatment of the loss.
29 June 2013
Dr:Bank Rs.105000
Dr: Loss on Fixed asset Rs.15000
Cr: Truck Rs.120000
Dr: Loss on Fixed asset Rs.15000
Cr: Truck Rs.120000
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