Insurance claim accounting

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Dec 14, 2007, 12:35 AM

GEETHA71

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Join Date: Dec 2007

Posts: 1

Insurance claim accounting

I have to account for assets lost by fire with a WDV of say 10 lacs.
Insurance taken is for an amount which is more than the WDV of the asset say 15 lacs.
Insurance company is still to revert about the claim made by me.
For closing of books, how do I account for the situations as on today?

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