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AS4,5 treatment

Accountancy

what should be answer for this question in attached image? What happen if insurance policy cover is also maintained with provision for debtors?

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Shubham .shubham

Shubham .shubham

CA Inter

★ 885

15-Apr-24 12:14

221

Answers (1)

If insurance policy is maintained by the company, it will be a contingent asset. And will be recognised as income when the insurance company approves of the claim.

CA Suraj Lakhotia

CA Suraj Lakhotia

Admin

15-Apr-24 18:53

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