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?
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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
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