Answer / navneet bansal

Entery No. 01
-------------

at The time of Loss ( Assume Loss is By Fire)

Loss by Fire A/C Dr.
Purchase/Assets A/C Cr.

Entery No. 02
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at the time of Insurabce Claim Receive

Bank A/C Dr.
Loss By Fire A/C Cr.

Remaining Balance of Loss By Fire will effact to P&L A/C

Answer / syed shakir ali

DEBIT- BANK A/C DR

CREDIT- INSURANCE CLAIM A.C CR

NEXT ENTRY JV

INSURANCE CLAIM A/C DR

ASSET(WHICH WAS LOSSED) A/C CR

Answer / satish

if any thing happend to material or asset we claim to insurance.the entry is
Loss on asset or material A/c ..dr (Asset)
to Insurance Claim ac (receivables)
after getting the claim from Insurance company

Bank Ac ...dr
to Insurance claim ac

Answer / pradip

Entry Will Be
Bank A/C Dr
to Insurance A/c

we have give a note below that this claim is for thas assets

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