Question

Question 9 Insurance claim;
On 09.11.17, the godown of ABC Lid. Was destroyed by fire. The organization is insured for loss of stock
policy of Rs. 75,000 with an average clause. From the following information, prepare a Statement showing
claim to be lodged with the insurance company.
3
Stock on 01.04.16
72.000
Wages for the year 16-17
16.000
Purchase for the year 16-17
2.84,000
Sales for the year 16-17
4.06.800
Stock on 31.3.17
64,000
Purchase from 01.04.17 to 09.11.17
1,40,000
Wages from 01.04.17 to 09.11.17
8,000
Sales from 01.04.17 to 09.11.17
1,65,200
An items of stock purchased during 15-16 at a cost of Rs. 20,000 was valued at Rs. 12,000 on 31.3.16. half
of these goods were sold during 16-17 for Rs 6,800 and remaining stock was valued at Rs. 4,000 on to be
worth 40% of original cost. Stock valued Rs. 18,000 was salvaged.​

Answer 1

Answer:

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)

(1) Goods A/C

(2) Wages A/C

(3) Loan A/C

(4) Debtors A/C

(5) Creditors A/C

(6) Furniture A/C

(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C

(10) Discount A/C

(11) Rent Received A/c (12) Building A/C

CANA