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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 / 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
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