Insurance Claims-Receipts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2011
How to pass the journal entries for insurance claim received for damaged depreciated asset?
09 January 2011
If partly damaged , adjust the claim against repair & maintenance exp.
If fully damaged , write off the assets and adjust the claim against the write off assets.
In both the cases diff will be transfered to P& L a/c.
If fully damaged , write off the assets and adjust the claim against the write off assets.
In both the cases diff will be transfered to P& L a/c.
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CA PARAS BAFNA
(Expert)
09 January 2011
Dr Bank A/c and Credit the Asset A/c
CA PARAS BAFNA
(Expert)
09 January 2011
Dr Bank A/c and Credit the Asset A/c
When the asset is permanently damaged and no repair is being carried on.
Dr Bank A/c and Credit Profit & Loss A/c
In case repairs have been carried on and such repairs is being claimed as an expenditure in Profit & Loss A/c
When the asset is permanently damaged and no repair is being carried on.
Dr Bank A/c and Credit Profit & Loss A/c
In case repairs have been carried on and such repairs is being claimed as an expenditure in Profit & Loss A/c
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