Accounting query

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Sr. Finance Executive
22 Points Posted on 28 December 2014

Dear Reader,

I have a doubt as to what should be the apt accounting for the following scenerio:

Disposal of Asset against Insurance Claim, where Book Value of the asset is 100,000 accumulated depreciation is 95,000 and claim is 90,000.

Please help as to what should be the Journal Entry for this particular scenerio.

Thanks

Gurjinder

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On 28 December 2014 at 14:25 Report
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ADVOCATE- TAXATION ADVISOR
414 Points Posted on 28 December 2014
1. BANK A/C DR ..... 90000 TO INSURANCE CLAIM. (Under p& l) 90000 2. LOSS ON DISPOSAL OF ASSETS A/C DR ( p&l).... 5000 TO. ASSETS A/C. 5000 3.
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On 28 December 2014 at 22:19
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Practising CA
5649 Points Posted on 29 December 2014
Perfect ans by Mr.Naveesh. however, Depreciation to be taken care of too.
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On 29 December 2014 at 01:52
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C.E.O
306 Points Posted on 29 December 2014
The result is profit of Rs 85,000/-. Close prov for depreciation account also.
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On 29 December 2014 at 10:48

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