Question

Exercise 11: Fire had broken out in the premises of Bad Luck Co. Ltd on 15 July
2014. The following figures were obtained from the records.
Stock on 15 January 2013
56,250
Stock on 31st December 2013
1,20.000
Purchases during the year 2013
6,37,500
Sales during the year 2013
7.50.000
Purchases upto the date of Fire
3,40,000
Sales upto the date of Fire
4,50,000
The stock salvaged was 330,000. There was a practice in the premises to
value. The stock at cost less 10%. But all of a sudden they changed the
practice and valued the stock on 31 December 2013 at cost plus 20%.
The amount of the policy was 60,000. Calculate the value of stock de-
stroyed by Fire and amount of actual claim.​

Answer 1

Answer:

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