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Insurance claim received .

Samad ali (8 Points)

28 October 2021  
how to do entry of insurance claim received?

 3 Replies

prasad Nilugal (Sr . Accountant and GST Practitioner . )   (7056 Points)
Replied 28 October 2021

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 .
1 Like

prasad Nilugal (Sr . Accountant and GST Practitioner . )   (7056 Points)
Replied 28 October 2021

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 ) 

Sourav (Student) (23917 Points)
Replied 03 November 2021

Agree with the above entries

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