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Insurance claim Received
Accountancy
Last Year we had Booked Total loss of 20,000rs due to Fire and current year we have received insurance Claim of 15,000 sir How to account insurance claim received.
Answers (2)
Last year we Did not know that Claim will Receive so transferred total Loss to p and L AC and Current Year we had received Claim, can we book that claim as income in current year, Whereas if we know at last year we could have net off with loss and Debit the Expense after Net off .Am i crct in taking claim as income