10. A fire occurred in the premises of Mis Star & Sons on 21st March 2020....
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10. A fire occurred in the premises of Mis Star & Sons on 21st March 2020. The concern had taken İnsurance Policy of ? 70,000 which was subject to average clause. From the books of accounts, the following particulars are avallable relating to the period 18t April 2019 to March 21 2020: (1) Stock as on April 1 2019 (i) Purchases (including purchase of ? 40,000 for which purchase invoices had not been received from suppliers, though goods have been received in godown) * 1,50,500 { 3,17,000 (ii) Cost of goods distributed as, samples for advertising from April 1 2019 to the date of fire, included in above purchases * 32,000 (iv) Sales (excluding goods sold on approval basis having sale value 7 35,000) * 4,55,000 Approval has been received for all goods sold on approval basis, before the date of fire. (v) Purchase return マ 15,000 (vi) Wages (including salary of Manager ? 10000) て65,000 (vii) Average Rate of Gross Profit @ 20% on sales. (vii) Cost of goods salvaged * 12,000 You are required to calculate the amount of claim to be lodged to Insurance Company. 10. A fire occurred in the premises of Mis Star & Sons on 21st March 2020. The concern had taken İnsurance Policy of ? 70,000 which was subject to average clause. From the books of accounts, the following particulars are avallable relating to the period 18t April 2019 to March 21 2020: (1) Stock as on April 1 2019 (i) Purchases (including purchase of ? 40,000 for which purchase invoices had not been received from suppliers, though goods have been received in godown) * 1,50,500 { 3,17,000 (ii) Cost of goods distributed as, samples for advertising from April 1 2019 to the date of fire, included in above purchases * 32,000 (iv) Sales (excluding goods sold on approval basis having sale value 7 35,000) * 4,55,000 Approval has been received for all goods sold on approval basis, before the date of fire. (v) Purchase return マ 15,000 (vi) Wages (including salary of Manager ? 10000) て65,000 (vii) Average Rate of Gross Profit @ 20% on sales. (vii) Cost of goods salvaged * 12,000 You are required to calculate the amount of claim to be lodged to Insurance Company.
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The statement showing the calculation of closing stock as on the date of fire is g... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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