SHEKHAR SARANG (ACCOUNTS EXECUTIVE) (47 Points)
03 June 2011How to pass entry when the Motor car accident is done & motor car is send to the garage for repairing. The Motor Garage company issue a bill of Rs.10000.00 for damage repairng charges.
On other side we have applied for car damage claim from insurance company. & insurance company is paid Rs.9500.00 for settlement of claim.
How to pass the entries.
Harpreet
(* * * * * *)
(1670 Points)
Replied 03 June 2011
Vehicle Running & Maintainance Expense Dr 10000/-
To Bank/Cash Cr 10000/-
Other side
Other income Cr 9500/-
Bank Dr 9500/-
Since the claim need to consider like other income
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 03 June 2011
vehicle maintenance ac- - - - - - - - - - -dr.
to cash
"(being repair done)
for claim received
bank ac -- -- - - - - - - - - - - - - - - -dr.
to insurance claim
( being claim received)
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 03 June 2011
| Originally posted by : future ca | ||
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vehicle maintenance ac- - - - - - - - - - -dr. to cash "(being repair done) for claim received bank ac -- -- - - - - - - - - - - - - - - -dr. to insurance claim ( being claim received) |
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Agreed.
jaganathan
(accounts executive)
(272 Points)
Replied 03 June 2011
| Originally posted by : future ca | ||
|
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vehicle maintenance ac- - - - - - - - - - -dr. to cash "(being repair done) for claim received bank ac -- -- - - - - - - - - - - - - - - -dr. to insurance claim ( being claim received) |
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Yet it is the right entry.
pinky
(acct officer)
(24 Points)
Replied 03 June 2011
1)
reapir & maintenace a/c .. dr
bank a/c .................cr
2) bank A/c.......... dr
insurance caliam ...........dr
pinky
(acct officer)
(24 Points)
Replied 03 June 2011
here is one query
in which head we will take insurance claim like asset or exp, liablitiy ??????/
Harpreet
(* * * * * *)
(1670 Points)
Replied 03 June 2011
Indirect Income bcoz the same is not your operational income dear.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 03 June 2011
it will be under the head indirect income
Aparna Raja K.C
(Student)
(520 Points)
Replied 10 June 2011
| Originally posted by : future ca | ||
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vehicle maintenance ac- - - - - - - - - - -dr. to cash "(being repair done) for claim received bank ac -- -- - - - - - - - - - - - - - - -dr. to insurance claim ( being claim received) |
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It will be credited in P&L :) as indirect income :)
sricharan
(IPCC student)
(23 Points)
Replied 12 June 2011
amount recived from insurence company should be charged as capital expenditure and the amount not recived (i.e, repaircost - amount recived from insurece co)should be charged as expenditure to p&L A/c
Raj
(Assistant)
(56 Points)
Replied 14 June 2011
If the car is fully destroyed - and got some calim from the insurance co...what shoud be the entries? If car destroyed then waht we do with Car A/c?
Account Department
(2 Points)
Replied 16 September 2022
Accident Claim Receivable (current asset)
To bank
When Claim Received
Bank Dr.
Repair And Maintinance
To Accident Claim Receivable
CAclubindia
