AS 5 Net Profit or loss for the period, prior period items and change in accounting policies

Goods worth 5,00,000 were destroyed due to flood in September 2006, a claim was lodged with insurance company but no entry in books in fin. year 06-07 In march 2008 , claim was passed and company received payment of RS. 3,50,000 against claim. what will be treatment of receipt as on 31.03.2008 ?