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SHOT AMOUNT OF INSURANCE CLAIM RECEIVED

This query is : Resolved 
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(Querist)
12 July 2024 In 2021, Inventory was lost due to floods, and entry was made in the books of accounts - insurance claim receivable debit and credit to COGS/ Purchase accounts. Now insurance claim received which was less than the actual amount recorded in books. Instead of recorded as loss on stock / Bad debts should we charged to Purchase accounts? If yes any reference or case laws?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 July 2024 No, charge it as loss on stock.
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