Menu
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
Recent Topics :
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
- Question on buy back of shares
- Saving corporate tax completely on profit from rea
- Hi experts need some helps
- A query regarding GST and Place of Supply:
- ADT-3 not filed by previous Auditor
- Revising salary on 24Q Q4 FY 25-26
- LTCG: Home Loan Principal Repayment?
Related Topics :
CAclubindia
