company Bike (Fixed Asset) got damage in an accident. insurance had been paid for the same duly,
company claims insurance amount form the insurance co.
please suggest entries with sub heading/group
a) entry while claiming insurance and b) entry when the claim is received.
thank you
At the time of claiming insurance, the entry to be passed is:
Insurance receivable A/C Dr
Loss A/C Dr
To Asset A/c
At the point of Insurance received; the entry would be:
Cash/Bank A/c Dr
To Insurance receivable A/C
In case there is a deficet amount received in actual it need to be adjusted through P/L. A/C.
| Originally posted by : Shweta | ||
 |
At the time of claiming insurance, the entry to be passed is: Insurance receivable A/C Dr Loss A/C Dr To Asset A/c At the point of Insurance received; the entry would be: Cash/Bank A/c Dr To Insurance receivable A/C In case there is a deficet amount received in actual it need to be adjusted through P/L. A/C. |
 |
agree
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