Question

Explain the significant of gross profit ratio in relation to loss of stock claims

Answer 1

Answer:

If stock records are destroyed, then prepare trading account on the date of destruction by taking previous years Gross Profit rate into account. Value of stock will be balancing figure in the trading account.

An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. If it is approved, the insurance company will issue payment to the insured or an approved interested party on behalf of the insured.