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Insurance claim received .
how to do entry of insurance claim received?
Replies (3)
Quick Summary
Booking entry
Claim received from LIC
Life Insurance company A/c Dr
To Insurance claim A/c Cr
( Being claim receivable )
When you received amount
Bank. A/c Dr
To Life insurance company A/c Cr
( Being insurance claim received )
Note - Insurance claim A/c Under indirect Income , Profit and Loss A/c .
Claim received from LIC
Life Insurance company A/c Dr
To Insurance claim A/c Cr
( Being claim receivable )
When you received amount
Bank. A/c Dr
To Life insurance company A/c Cr
( Being insurance claim received )
Note - Insurance claim A/c Under indirect Income , Profit and Loss A/c .
You can pass entry given bellow , please treat above entry as Cancelled
Bank A/c Dr
To Insurance Claim A/c Cr
( Being Insurance Claim received form Insurance company )
Agree with the above entries
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