Accounting treatment for Loss of Fixed Assets

Plz tell me somebody, What will be the accounting treatment for following -

1 Some Plant & Machinery destoyed in an Accident, and we have claimed the  value to Insurance of which we have incurred  to repair of  these plant & Machinery.

2. We have incurred expences to repair these plant & machinery, and Debited to insurance claim receivable.

When we will received the claim amount, we will credit the Claim Receivable account,

3. Another treatment is that,

I. We have to Credit Plant & M/c & Debit the Claim Receivable A/c

II for Expenses Incurred theiron, Debit to Plant & Machinery,

III When we will recd the Claim amt, we will Credit the Claim Receivable A/c

I think Sr no 3  is Proper treatment, plz suggest,

Thanks