Dear sir,
can you please explain:
I got insurance claim , what is the nature of transection
in which head I need to take it
income or other things
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insurance claims
Replies (4)
Insurance claims - other income (indirect income)
Show it as income in Capital A/c......
if claim amount from LIC invested in business then it is credited to capital a/c.
but amount from General Insurance Company regarding fire insurance, then it is to be credited to profit and loss a/c (to be shown as extra ordinary item as per AS 5)
but amount from General Insurance Company regarding fire insurance, then it is to be credited to profit and loss a/c (to be shown as extra ordinary item as per AS 5)
Agree with Satish here.. .
It depends on nature of insurance that whether shown in P&L or Capital A/c....
It depends on nature of insurance that whether shown in P&L or Capital A/c....
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