Goods Damage and Claim from Insurance Company
This query is : Resolved
29 November 2019
Dear Sir,
Few days ago the roof of godwon fell on Goods cause damage of maximum goods. We have claim the same from insurance compnay and got a cheque from. Please suggest how to adjust the same in books of account. means to what type entry pass in tally.
Few days ago the roof of godwon fell on Goods cause damage of maximum goods. We have claim the same from insurance compnay and got a cheque from. Please suggest how to adjust the same in books of account. means to what type entry pass in tally.
29 November 2019
Journal entry for actual loss
Insurance claim receivable ( control account under the head current assets) Debit
Credit - Raw naterial stock or Semi-finished goods stock or Finished goods stock as the case may be Credit
On receipt of claim from insurance company
Bank account Debit
Credit insurance claim receivable
If there is any gap between claim made and received, the difference amount to be debited to consumption account.
Insurance claim receivable ( control account under the head current assets) Debit
Credit - Raw naterial stock or Semi-finished goods stock or Finished goods stock as the case may be Credit
On receipt of claim from insurance company
Bank account Debit
Credit insurance claim receivable
If there is any gap between claim made and received, the difference amount to be debited to consumption account.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Is this income indian or foreign income?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
