insurance claim

At the time of claiming insurance, the entry to be passed is:

Insurance receivable A/C Dr

Loss A/C Dr

    To Asset A/c

At the point of Insurance received; the entry would be:

Cash/Bank A/c Dr

           To Insurance receivable A/C

In case there is a deficet  amount received in actual it need to be adjusted through P/L. A/C.

Originally posted by : Shweta
	At the time of claiming insurance, the entry to be passed is: Insurance receivable A/C Dr Loss A/C Dr     To Asset A/c At the point of Insurance received; the entry would be: Cash/Bank A/c Dr            To Insurance receivable A/C In case there is a deficet  amount received in actual it need to be adjusted through P/L. A/C.

agree