car got into accident,and expenses of rs.247000 been paid, which includes rs.100000 for engine.and insurance claim of rs.135000 received later. how to account expenses? whether engine expnses to be added to assest. and other expenses to p & l. insurance claim should be credited in assest a/c or p& l a/c.......give me guidance.
Menu
Insurance claim accounting
Replies (2)
Expenses should be charged to P & L A/c after considering amount received from insurance company.
when yu are paying for the repairs and maintenance, yu can debit the amount paid in repairs and maintenance - vehicle account and subsequently, when you receive the insurance claim, yu can credit the same account with the amount and the net amount will be the expenses. Hope, if my answer is not correct , others can correct
Recent Topics :
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
Related Topics :
CAclubindia
