TREATMENT OF LOSS BY FIRE AND INSURANCE CLAIM

This query is : Open

CA. BIJENDER KR. BANSAL (Querist)
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17 March 2009 DEAR ALL,

TRADING STOCK & FIXED ASSETS ARE LOST BY FIRE. CLAIM IS FILED AGAINST IT.
QTY VALE
TRADING STOCK 1500KG 150000
COMPUTER 1 WDV 1000
CLAIM FILED FOR 150000 PLUS 20000 FOR NEW COMPUTER.
WHAT IS TREATMENT OF ENTRY.
PLZ EXPLAIN IN DETAIL.

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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17 March 2009 IF CLAIM IS RECEIVED

CASH/ BANK A/C DR 150000
TO STOCK 150000

CASH / BANK A/C 20000
TO P & L 19000
TO COMPUTER 1000

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Querist)
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18 March 2009 Dear Mr. Hussain,

Thanks for reply.
If I am right, then First of all, Entry for loss by fire should be passed in March 09, then entry for claim will be passed which will be recd in next financial year april 2009
Plz clear it.