Insurance claim accounting

Journal entry in the financial year 2015-16

Debit Insurance company and credit insurance claim receible

Jounal enry in the financial year 2016-17

Debit bank a/c and credit insurance co.

journal entrie inF.Y 2015-16 should only be made if there is reasonable certainty for the reciept of sum and also the quantum of the sum. if these data are not available i would prefer not to make a provision for F.Y 2015-16 rather i will consider this as a prior period item in F.Y 2016-17. if there is reasonable certainty then only i will make entries in F.Y 2015-16