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Loss of stock and effect on stock statement
when stock is completely damaged by fire and is covered under insurance claim.in monthly stock statement submitted to bank, can i show the amount recoverable from insurance company under the head debtors.whether bank will consider it while calculating drawing power.
Replies (1)
When claim amount is accepted by the insurance company, then you can recognise claim amount as income in your books.
otherwise it is simply considered as contingent assets.
otherwise it is simply considered as contingent assets.
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