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insurance claims

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4 Points Posted on 29 April 2018
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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On 29 April 2018 at 16:58 Report
Replies (4)
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teaching
2046 Points Posted on 29 April 2018

Insurance claims - other income (indirect income)

7 Reply
On 29 April 2018 at 17:14
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Chartered Accountant
86505 Points Posted on 29 April 2018
Show it as income in Capital A/c......
814 Reply
On 29 April 2018 at 19:56
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teaching
2046 Points Posted on 29 April 2018
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)
7 Reply
On 29 April 2018 at 20:36
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Chartered Accountant
86505 Points Posted on 29 April 2018
Agree with Satish here.. .

It depends on nature of insurance that whether shown in P&L or Capital A/c....
814 Reply
On 29 April 2018 at 20:40


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