if insurance claim receivable is not show in the balance sheet
but it received from insurance company
how to treat it
plz
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If insurance claim receivable is not show in balance sheet
Replies (1)
If Insurance Claim Receivable is not shown in Balance Sheet then actual claim received should be charged through Profit & Loss Account.
Accounting Entry
Bank Account Dr. xxxx
To Misc. Income xxxx
(being Insurance claim charged to profit & Loss Account against the loss of asset occurred in past and charged fully to profit & Loss Account)
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