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 :
- 5th Letter PAN Mismatch with Surname issues still
- Criteria to hire an article
- Guidence requested for a Finance Professional with
- Expert Opinion Required – Form 140 Gross Amo
- WRONG TAX DEMAND - formal responses , rectificatio
- Foreign remittance
- Affordable Residential Flats in Gurgaon
- Manufacturing
- TAN REGISTRATION ON E-FILLING SITE
- Form 10-IEA – Continuing Old Regime
Related Topics :
CAclubindia
