Net Loss =Rs. 58,000, Goods saved 22,000, Amount of insurance policy was Rs 60,000 .Calculate the amount of Claim.
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Since the rate of gross profit is not given, it is necessary to prepare Trading Account for 2010-11. The stocks being valued at 10% below cost, the value of stocks must be increased by 1/9 to bring them up to their full cost which is the normal practice.
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Insurance Claims: Problem and
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