Treatment of insurance claim received against fire loss
Arun choudhary (articalship) (153 Points)
15 June 2016Arun choudhary (articalship) (153 Points)
15 June 2016
Alok Chandra
(Manager)
(38 Points)
Replied 15 June 2016
Yes.. Since you have debited the entire amt of loss as expense the previous year you have no option left but to book the insurance claim received as income.
Harshit Kabra (INVESTOR)
(Student CA final)
(1113 Points)
Replied 15 June 2016