Insurance claim received

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What is the jornal entry for insurance claim received for a car? actual expense on repairs and maintenance- 213600, claim received- 54674
Replies (3)

    First  you have to book  entry  with  Insurance claim A/c by crediting  to P&L  A/c  for claim admitted  by Insurance  Company 

1)  when  you  received  amount  of  Claim 

     Bank                             A/c      Dr      54674 /- 

     To  Insurance  Claim      A/c      Cr                             54674 /- 

(   Being  amount  received  from Insurance company  against  claim ) 

Insurance  claim  under  indirect  income in  P&L account 

 

2)   Repair  &  Maintenance     A/c     Dr 

      Input   CGST                     A/c      Dr 

      Input   SGST                     A/c      Dr 

      To sundry  Creditors          A/c     Cr 

(  booking  of  maintenance & repair  expense  of Car ) 

 

3)   sundry  Creditors             A/c       Dr 

     To  Bank                            A/c       Cr 

(    Payment  of   expense )  

 

 

 

 

Is there any other entry for the loss incurred?

What is  the  depreciated  value  of the car  ?  


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