Insurance claim received against material damage

Dear Sir,

The journal entry shall be :

Cash  / Bank A/c.............Dr ( Actual claim funds received )

Abnormal Loss A/c..........Dr (Bal Fig)

          To Stock A/c               ( Cost of the material damaged )

          To Other income A/C (Bal Fig)

Thanks & Regards,

Mohammed Khalandar

Chartered Accountant

Email : iamkhalandar @ gmail.com

Phone : 7899157078