Hi,
Kindly clarify. A two wheeler of the company got accident sent for repairs. The two wheeler service provider give the bill Rs. 20,000, Insurance claim of Rs.15,000 received by Service Provider, balance Rs. 5000 payable to them by the company. Here-
Repairs & Maintenance A/c Dr. 20,000
To Service provider A/c Cr 20,000. we accounted but we paid Rs. 5000 only due to claim amount directly recd by Service provider, how to account Balance 15,000 Insurance claim.
CAclubindia
