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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 / amit banerjee
At the time of damage if already the loss is debited in
repairs & maintenance a/c, then if in the same year
insurance claim is recd then we can credit the same in
repair & maintenance a/c, but if the claim is recd after
the FY, then that has to be a/c for in different way. i.e.,
to be credited in OTHER INCOMES.
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