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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
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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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