Dear all,
One of my client was having corporate medical insurance with one of the Insurance Company.Due to some difference, the insurance company stopped providing service and my client has stopped paying the premium.
There was outstanding amount of Rs.5,00,000/-.and after 3 years the company through an arbitrator has settled the amount to Rs.2,00,000/- and my client paid the same to the Insurance company.
Can you please let em know the accounting entry to be passed for the waived amount?
Thanks and regards.
K.Ganesh