Question

Fire occurred in the premises of selvi&course on 1.4 91 and a considerable part of their stock was destroyed. 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. You are required to ascertain the insurance claim from the following particulars.
Purchases for the year 1990 Rs.18,76,000
Sales for the year 1990 Rs.23,20,000
Purchases from 1.1.91 to 1.4.91 Rs.3,46,000
Sales from 1.1.91to 1.4.91 Rs.4,80,000
Stock on 1.1.90 Rs.2,88,000
Stock on 31.12.90 Rs.4,84,000
Wages paid during the year 1990 Rs.200000
Wages paid during 1.1.91 to 1.4.91 Rs.54000
Fire also broken out on 21.12.90 and destroyed stock of the estimated cost of Rs.100000 There was a practice in the concern to value stock at cost less 10%but all of a sudden this practice was changed and stock on 31.12.90 was valued at cost plus 10%.

Answer 1

Answer:

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Explanation:

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