SHOT AMOUNT OF INSURANCE CLAIM RECEIVED
This query is : Resolved
Rima Kapadia
(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?
CA R SEETHARAMAN
(Expert)
14 July 2024
No, charge it as loss on stock.
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