INSURANCE CLAIM IN TALLY

HOW TO DO Voucher entries of insurance claim in tally 9 ?

" Record of Claim of insurance is special type transaction and only when we record when actual claim we get . In this we should make new group of sundry insurance under prime group of current asset after this we should create ledger of insurance company and other ledger one time . "

When claim relating to fixed assets is admitted

Insurance company a/c ( Under Sundry Insurance account ) Debit
Particular fixed asset account ( under Fixed asset ) Credit

* Above voucher entries means insurance company is receiver , he has taken our burden of loss And if loss happen , it mean we sent of fixed asset to insurance company means fixed asset goes out , so it will be credit .

When the claim relates to stock in trade

Insurance company account ( under Sundry insurance account ) Debit
To stock destroyed account or damaged account Credit
Above voucher entries means insurance company is receiver , he has taken our burden of loss of stock
And if loss happens , it mean we sent of goods to insurance company means goods goes out , so it will be credit .

When claim relates to loss of profit

Insurance company account(under sundry insurance account ) Debit
Profit and loss account Credit

When insurance claim amount is received

Bank account ( Under bank account ) Debit
Insurance company account ( Under sundry insurance ) credit

This entry means that we are receiver of cash and bank is our representative . So , this account Will debit in voucher entry and Insurance company is giver of claim amount and this entry is simply passed under the rules of double entry