Loss on fire
This query is : Resolved
13 May 2009
A fire occurred at manufacturing plant of a firm on 1st jan2009. The machinery was fully lost. Insurance claim received on 30th April 2009 for 80% of the value of lost machinery. What would be the treatment for these events in the accounts for yr ending 31.03.2009
13 May 2009
Loss on fire (20%) Dr xxxx
Insurance claim receiable(80%) Dr xxxx
Plant & Machiery Cr xxxx
Bank Account Dr xxxxxx
Insurance claim recivable Cr xxxx
Insurance claim receiable(80%) Dr xxxx
Plant & Machiery Cr xxxx
Bank Account Dr xxxxxx
Insurance claim recivable Cr xxxx
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