What would be treatment of insuance claim received when vehicle is damage

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Question

What would be treatment of insuance claim received when 
vehicle is damaged and related exp. is already debited to 
Repair and Main. A/c

Question Submitted By :: Cashailendramishra

I also faced this Question!!

Rank

Answer Posted By

Re: What would be treatment of insuance claim received when vehicle is damaged and related exp. is already debited to Repair and Main. A/c

Answer
# 1

Normally in the industry we can credit the repair and 
maintanance account what ever amount we have received from 
insurance comany as a claim. However, we can also show the 
claim income in other income as well.

Is This Answer Correct ?

7 Yes

2 No

Mohsin Riaz

Re: What would be treatment of insuance claim received when vehicle is damaged and related exp. is already debited to Repair and Main. A/c

Answer
# 2

that claim amount shows in the direct income side as a 
income

Is This Answer Correct ?

4 Yes

5 No

Rama Krishna

Re: What would be treatment of insuance claim received when vehicle is damaged and related exp. is already debited to Repair and Main. A/c

Answer
# 3

The claim amount should be shown as Indirect Income.

Is This Answer Correct ?

2 Yes

2 No

S. Basu.

Re: What would be treatment of insuance claim received when vehicle is damaged and related exp. is already debited to Repair and Main. A/c

Answer
# 4

1st entry   


Debit Insurance co with insurance claim amount
credit Insurance claim with the above amount
2nd entry
Debit bank a/c with claim amount
Credit Insurance co

Is This Answer Correct ?

1 Yes

3 No

Satyaki_raju@yahoo.com
[Taxtime]

Re: What would be treatment of insuance claim received when vehicle is damaged and related exp. is already debited to Repair and Main. A/c

Answer
# 5

It shud be : REPARIS & MAINTENANCE A/C DR.
             INSURANCE CO.             CR.

WHN THE CLAIM AMOUNT IS RECD. 
             BANK A/C DR.
             INSURANCE CO. CR.

Is This Answer Correct ?

0 Yes

1 No

Arvind Kr.

Question	Asked @	Answers
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