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What would be treatment of insuance claim received when
vehicle is damaged and related exp. is already debited to
Repair and Main. A/c
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Answer / mohsin riaz
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 ? | 12 Yes | 3 No |
Answer / amit banerjee
At the time of damage if already the loss is debited in
repairs & maintenance a/c, then if in the same year
insurance claim is recd then we can credit the same in
repair & maintenance a/c, but if the claim is recd after
the FY, then that has to be a/c for in different way. i.e.,
to be credited in OTHER INCOMES.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / harish
that treatment should be reversed means what amt charged to p&l a/c that should be taken in credit side to nullify the effect and the 2nd step is comparision of value lost with claim received
1)if claimed amt is less than lost value(vehicle damage)
in this case the diff lost value should be taken to p&l a/c debit side
2)if amt claim is more than lost value then the diff taken to p&l credit side .
MORE CASES 1ST POINT WILL BE APPLICABLE
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / s. basu.
The claim amount should be shown as Indirect Income.
| Is This Answer Correct ? | 2 Yes | 4 No |
Answer / satyaki_raju@yahoo.com
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 ? | 2 Yes | 4 No |
Answer / rama krishna
that claim amount shows in the direct income side as a
income
| Is This Answer Correct ? | 5 Yes | 9 No |
Answer / arvind kr.
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 | 6 No |
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