Insurance claim received against insured asset scrapped
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 May 2017
Dear Experts,
we have received an insurance claim from insurance company against insured asset loss. asset scrapped from books due loss of asset in previous year and claim received current year. we have not provided any claim provision due to we have not received any claim sanction letter from insurance company.
i request to experts to please advise an accounting entry for claim received from insurance company which we are not provided any provision in PY and received CY. we are constructing new asset in place of scrapped asset as new capital expenses.
we have received an insurance claim from insurance company against insured asset loss. asset scrapped from books due loss of asset in previous year and claim received current year. we have not provided any claim provision due to we have not received any claim sanction letter from insurance company.
i request to experts to please advise an accounting entry for claim received from insurance company which we are not provided any provision in PY and received CY. we are constructing new asset in place of scrapped asset as new capital expenses.
25 May 2017
Please treat the amount received as income and route through 'exceptional items' in financial statements.
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