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Pankaj Arora (Job)     01 August 2011

Accounting treatment of insurance claim.

Dear All

What will be the accounting treatment  of Insurance claim received.

Thanks in advance



 10 Replies

CA Nitu Agarwal

CA Nitu Agarwal (CA, M.Com)     01 August 2011

Please clarify the query.. what type of insurance claim...????  Status of Assessee????

Pankaj Arora

Pankaj Arora (Job)     01 August 2011

teh assessee is a company and the claim recd is under cash less accidental policy.

kamal kishor sen

kamal kishor sen (STUDENT Rajasthan)     01 August 2011

For Example :- Insurance claim received from Oriental Insurance Company.

Entry :- 

Bank/Cash                         a/c                      Dr.

      To Oriental Insurance Company   a/c

( Being payment received from Insurance company )

nidhi agrawal

nidhi agrawal (chartered accountant)     02 August 2011

when the claim is finalised (if it is a accident claim)

Insurance company                     dr.

                 To Insurance Claim

if you have occurred a loss like goods/asset, then the above entry will be

 

Insurance company                     dr.

                 To purchases/asset

when cash is received

cash/bank                                      dr.

             to insurance company

CHIRAG DEEPAK GANATRA

CHIRAG DEEPAK GANATRA (CA FINAL)     02 August 2011

yes absolutely agree with nidhi mam

Vamsi Potnuru

Vamsi Potnuru (Article Assistant)     28 June 2016

what is treatment if the claim if it is a vehical insurance claim? The claim received for repairs of vehicle.....

Sonu Kumar

Sonu Kumar (Account Manager)     22 March 2018

Dear All, 

             What Will be Accounting Treatment for Insurance Claim Received Against CAR Policy (Contractor All Risk Policy)

Girish

Girish (Others)     05 December 2018

Dear Friends

i have a case regarding insurance claim received from insurance company.. (some of the business premises got destroyed due to heavy wind storm.. ) 

the amount 10,50,080/- the company received in the FY 2017-18...

a) is it income of the company...?

   we  are not considered as a income of the company.. & we recorded as a current liablities in the  name of insurance suspense.. is it correct

 

Tarun Ohri

Tarun Ohri   01 April 2019

Car insurance repair maintenance gst bill received from insurance company then what will be accounts entry and can claim ITC on car repair maintenance bill
Вадим Стус

Вадим Стус   03 April 2019

Originally posted by : Pankaj Arora

Dear All

What will be the accounting treatment  of Insurance claim received.

Thanks in advance
Please clarify the query.. what type of insurance claim...???? Status of Assessee????

Read more at: https://www.caclubindia.com/forum/details.asp?quote=788353&mod_id=159171#reply
 
Please clarify the query.. what type of insurance claim...???? Status of Assessee????

Read more at: https://www.caclubindia.com/forum/details.asp?quote=788353&mod_id=159171#reply
 

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