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Insurance claim received against material damage
I want to know if material is damaged and we received insurance claim against it, how to account in books? what will be journal entry?
Replies (1)
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
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