Dear Sir
Rs 2 Lacs received as Insurance Claim , you have shown claim received entry by debiting bank A/c , however We have to consider Claim receivable entry also .
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Loss of Assets from Fire at factory
Quick Summary
Dear friend,
Receivable comes into picture when we expect fund to receive in near future. In that scenario, instead of debiting bank a/c, we debit Other Receivable GL. Later when received the claim cheque, then Other Receivable a/c will be nullify by crediting this GL and debiting Bank a/c.
Ultimately, the accounting entry will remain same. Please note that insurance claim is not an income.
Thanks.
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