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Loss by storm

This query is : Resolved 
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(Querist)
21 November 2013 Dear Sir,

THIS IS A SOCIETY WHERE AS A STROM DAMAGE THE SOCIETY AND WE CLAIM 4 LAKH TO ICICI GIC LOMBARD BUT THEY PASS 3.50 LAKH.SO PLEASE ADVICE THE JOURNAL ENTRY.AND RECEIVED ENTRY.

I AM WAITING FOR BEST REPLY.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
21 November 2013 Dr Insurer (debtor) 3.5 lakhs
Dr Loss 0.5 lakhs
Cr Storeroom (asset) 4.0 lakhs

Later:
Dr Bank 3.5 lakhs
Cr Insurer (debtor) 3.5 lakhs

In case you earlier booked Rs 4.0 lakh against insurer

Dr Bank 3.5 lakhs
Dr Loss 0.5 lakhs
Cr Insurer 4.0 lakhs
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