what would be the accounting treatment if fire insurance claim is partly received in one yr and certain that the rest would be received in the next yr. and what would be the repercussions for tax purpose?
Menu
Accounting for fire insurance claim received in installments
Replies (1)
Dear
let say total insurance claim is 100 and you recived 50 this year so entry will be :
bank a/c dr. 50
insurance claim recivable dr. 50
to insurance claims cr. 100
( being part claim recived againt fire insurance )
hope answer is clear to you. Regards
Recent Topics :
- Capital gains on sale of flat from wife to husband
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
- Durga Puja 2026 Dates: Mahalaya, Shashthi to Vijay
- Indo-MIM IPO Allotment Date, Status Check and List
- GSTR 1 filed but GSTR 3 B no filed
- ITR FORM FILING REGARDS
Related Topics :
CAclubindia
