treatment of insurance claim

1. Repairs expenditure

Vehicle Repairs A/c              Dr       2,50,000

     To Bank                                                            20,000

     To Service centre                                          2,30,000

2. When insurance company settles the repairs exp to service centre

Service centre A/c                Dr        2,30,000

        To Insurance claims                                    2,30,000

3. at the end of the year Repairs expenditure charged to profit and loss a/c and 

insurance claims amount to be credited to profit and loss a/c