Journal Entry

IN CASE IF CLAIM OF RS. 4 L APPROVED BY INSURENCE CO. & SAME IS PAID BY THEM

IN  2009/10:- INSURENCE CLAIM RECIEVABLEA/C..................Dr.            4L

                                              TO, VEHICLE                                                                     3.5L

                                               TO, GAIN ON THEFT                                                          .5L

IN 2010/11 :- BANK A/C............................Dr.  4L

                               TO, INSURENCE CLAIM RECIEVABLE..........4L                   

If block seizes to exists than surplus regared as Shortterm capital gain.