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Loss on fire

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(Querist)
13 May 2009 A fire occurred at manufacturing plant of a firm on 1st jan2009. The machinery was fully lost. Insurance claim received on 30th April 2009 for 80% of the value of lost machinery. What would be the treatment for these events in the accounts for yr ending 31.03.2009
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
13 May 2009 Loss on fire (20%) Dr xxxx
Insurance claim receiable(80%) Dr xxxx
Plant & Machiery Cr xxxx


Bank Account Dr xxxxxx
Insurance claim recivable Cr xxxx

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