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    Dizamuhupe's Avatar
    Dizamuhupe Posts: 1, Reputation: 1
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    #1

    Oct 9, 2009, 12:06 AM
    Accounting for Insurance Claims
    How do we account for Insurance Claims Received
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Oct 9, 2009, 02:39 AM

    If the Insurance Premiums have been claimed as an Income tax Deduction in previous periods.
    The Revenue from a claim must be included as Taxable Income in the Miscellaneous Part
    Of Incomes in the Profit & loss Account.
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