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Insurance Clain Reject by Comany

This query is : Resolved 
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(Querist)
20 June 2020 Dear sir

In the month of July 2018 heavy rain and flood Stock place (Godown) fully destyrod and we got maximum( Loss) goods damage Rs. Near about 34 Lacs. All stock cover under insurance. first of all insurance comany asked to us they will settle the calim soon. due to stock damage my GP & NP was both are natagive value and i have fild the ITR in Losses. We are trying to conntect with Insurance company to settle claim but they did not respond now he totaly rejected the claim due to some Policy & address issues. so Please advise to us how to adjust the amount in books of account. earilery we have passed the below entry :-
Dr. Goods Damage (Indirect exp. ) 31.03.2019
Cr. Purchase a/c

Dr. Insurance Claim receivable ( Current Assets ) 31.03.2019
Cr. Goods Damage

Please advise how to NIL insurance Clain Receivable amount from boos of account.
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
09 August 2020 Now you need to credit Insurance Claim Receivable Account and Debit Loss by Flood Account and debit the PL Account for the year.....
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