2. (a) A fire occurred in the premises of M/s Preet Enterprises on the night of...

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2. (a) A fire occurred in the premises of M/s Preet Enterprises on the night of 28th September, 2022. The firm has taken an Insurance Policy for *5,00,000 which is subject to average clause. The value of goods salvaged was estimated at 62,500. The firm continues to maintain the same rate of Gross Profit as during the preceding year. The following information were available: Particulars (i) Stock at Cost on 1st April, 2021 (ii) Stock at Cost on 31st March, 2022 (iii) Purchases for the year ended 31st March, 2022 (iv) Sales for the year ended 31st March, 2022 (v) 5,25,000 4,20,000 37,35,000 48,00,000 27,22,000 Purchases from 1st April, 2022 to 28th September, 2022 (vi) Sales from 1st April, 2022 to 28th September, 2022 Additional Information : (i) Purchases up to 28th September, 2022 did not include * 1,20,000 for which purchase invoice had not been received from suppliers though the goods had been received in the warehouse. 33,30,000 (ii) Sale value of goods distributed for advertisement from 1st April, 2022 to 28th September, 2022 is 90,000. (iii) Sales up to 28th September, 2022 include 90,000 for which the goods had not been dispatched. (iv) On 1st July, 2022, goods worth 1,50,000 was sold to Ram and Co. on approval basis which was included in the Sales but no approval had been received for 2/3rd of the goods sold to them till 28th September, 2022. You are required to ascertain the amount of claim to be lodged with the Insurance Company for Loss of Stock. 10 2. (a) A fire occurred in the premises of M/s Preet Enterprises on the night of 28th September, 2022. The firm has taken an Insurance Policy for *5,00,000 which is subject to average clause. The value of goods salvaged was estimated at 62,500. The firm continues to maintain the same rate of Gross Profit as during the preceding year. The following information were available: Particulars (i) Stock at Cost on 1st April, 2021 (ii) Stock at Cost on 31st March, 2022 (iii) Purchases for the year ended 31st March, 2022 (iv) Sales for the year ended 31st March, 2022 (v) 5,25,000 4,20,000 37,35,000 48,00,000 27,22,000 Purchases from 1st April, 2022 to 28th September, 2022 (vi) Sales from 1st April, 2022 to 28th September, 2022 Additional Information : (i) Purchases up to 28th September, 2022 did not include * 1,20,000 for which purchase invoice had not been received from suppliers though the goods had been received in the warehouse. 33,30,000 (ii) Sale value of goods distributed for advertisement from 1st April, 2022 to 28th September, 2022 is 90,000. (iii) Sales up to 28th September, 2022 include 90,000 for which the goods had not been dispatched. (iv) On 1st July, 2022, goods worth 1,50,000 was sold to Ram and Co. on approval basis which was included in the Sales but no approval had been received for 2/3rd of the goods sold to them till 28th September, 2022. You are required to ascertain the amount of claim to be lodged with the Insurance Company for Loss of Stock. 10

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