Mohan (Accounts Mgr) (209 Points)
01 May 2010Hi, 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..
Rahul Gupta
(Project Controller ACA MBA(Fin.))
(8014 Points)
Replied 01 May 2010
Yes..Credit to P&L as insurance claim received.....
janak
(post graduation)
(1327 Points)
Replied 11 June 2010
| Originally posted by : Rahul Gupta | ||
 |
Yes..Credit to P&L as insurance claim received..... |
 |
i agree with "rahul gupta"
PRATEEK
(ACA)
(102 Points)
Replied 26 June 2010
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
CAclubindia
