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What would be treatment of insuance claim received when
vehicle is damaged and related exp. is already debited to
Repair and Main. A/c

Answer Posted / satyaki_raju@yahoo.com

1st entry


Debit Insurance co with insurance claim amount
credit Insurance claim with the above amount
2nd entry
Debit bank a/c with claim amount
Credit Insurance co

Is This Answer Correct ?    2 Yes 4 No



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