Hi, we are in the Road laying constructions. We paid Insurance preimium (work wise) and charged to p&l a/c every year, now we got Insurance amount from the Insurance co., as claim (one work) . How to pass journal entry in this case? is it total claim received from the insurance company shown as an Income? plz tell me..
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A/c Entry - Insurance Received
Replies (4)
Yes..Credit to P&L as insurance claim received.....
INSURANCE CLAIM AC.------------------------------------------------------------------DR.
TO PROFIT AND LOSS ACCOUNT
(BEING INSURANCE CLAIM RECEIVED)
| Originally posted by : Rahul Gupta | ||
 |
Yes..Credit to P&L as insurance claim received..... |
 |
i agree with "rahul gupta"
THE WHOLE AMOUNT SHOULD BE CREDITED TO PROFIT AND LOSS A/C
BANK A/C DR.
TO INSURANCE CLAIM A/C
INSURANCE CLAIM A/C DR.
TO P&L A/C
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