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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 Posted / 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 |
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