Fire occurred in the premises of Kapoor Corporation on 1st July 2015 and
most of the stock was burnt to ashes. The stock salvaged was Rs. 56,000. A fire
insurance policy for Rs. 3,42,000 was taken to cover loss of stock by fire. From
the following particulars, ascertain the insurance claim to be lodged with the
Insurance Company for the loss of stock by fire :
Rs.
Purchases for the year 2014 T
18,76,000
Sales for the year 2014
23,20,000
Purchases from 1st January 2015 to the date of fire M 3,64,000
Sales from 1st January 2015 to the date of fire M
4,80,000
Stock on 1st January 2014 1-OP
(
2,88,000
Stock on 31st December 2014 T- Uo
4,84,000
Wages paid during the year 2014 T
2,00,000
Wages paid from 1st January 2015 to the date of fire 36,000
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Accounting Problems on Insurance Claims
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In this article we will discuss about the top fifteen accounting problems on Insurance Claims with their relevant solutions.
15 Accounting Problems on Insurance Claims
Insurance Claims: Problem and Solution # 1.
A fire occurred on 15th December, 2011 in the premises of D Co. Ltd. From the following figures, calculate the amount of claim to be lodged with the insurance company for loss of stock:
(i)
The company’s last Profit & Loss Account, for the year ended 31st March 2011, showed the following position:
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