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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 |
Three common types of confirmations used by auditors are (1) negative confirmations, (2) blank form positive confirmations, and (3) positive confirmations with information included. Place the confirmations in order of reliability from highest to lowest.Question 8 options: 1, 2, 3. 3, 2, 1. 2, 3, 1. 3, 1, 2.
State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100
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