prasad Nilugal
( GST Practitioner & Accounts )
(14606 Points)
Replied 24 May 2024
Mudassar Nath
(Manager)
(51 Points)
Replied 24 May 2024
Dear friend,
Receivable comes into picture when we expect fund to receive in near future. In that scenario, instead of debiting bank a/c, we debit Other Receivable GL. Later when received the claim cheque, then Other Receivable a/c will be nullify by crediting this GL and debiting Bank a/c.
Ultimately, the accounting entry will remain same. Please note that insurance claim is not an income.
Thanks.
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