Insurance claim accounting

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..... Insurance claim accounting
Query (Issue) Started By: - apcotex Industres Ltd. Dated:- 8-1-2016 Last Reply Date:- 25-9-2016 Accounting - Auditing
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Companies Law
We are manufactu .....

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..... ring company, have appointed consignment agents for effecting sale. one of our consignment was damaged in transit. hence we lodged an insurance claim for the damaged goods. this is accounted as insur .....

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..... ance claim receivable. further the surveyor found a party & sold the entire lot at discounted price on basis of commercial invoice issued by us. the goods were in possession of the surveyor at time o .....

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..... f sale & were not brought back to factory. the balance amount is receivable from the insurance company. My question is should we account the commercial invoice as sale & reflect in turnover or the s .....

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..... ales proceeds should be adjusted against insurance claim receivable. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Have you got clarified in this Issue?
Discussion Forum - Knowledge Sharing .....

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