Loss due to fire

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rajan menda (Querist)
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23 September 2015 MY TOTAL CLAIM IS FOR Rs 11000000 (STOCK Rs 7700000, BLDG ETC Rs 3300000)

EXPECT TO GET Rs 8000000 FROM INSURNACE COMPANY HOW DO I PASS ENTRIES IN THE BOOKS OF ACCOUNTS IN TALLY

Amol S Joglekar

Amol S Joglekar (Expert)
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23 September 2015 Insurance company in its payment advice specifies the amount sanctioned against each viz. stock and building.

Book the expenses accordingly.
Assuming 70L for the stock and 10 L for the building

Debit Bank 80 L
Credit Loss by fire of stock 70L
Credit Loss by fire of building 10L

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