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
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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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