Question

Ullastration: 35: (When there is abnormal item)
On 30th September, 2016; the Stock of Fred Perry was lost in a fire accident. From the available
records, the following information is made available to you to enable you to prepare a
statement of claim on the insurer.
Particulars
Rs.
Stock at cost on 1.4.2015
37,500
Stock at cost on 31.3.2016
52,000
Purchases less returns for the year ended 31.3.2016
2.53,750
Sales less returns for the year ended 31.3.2016
3,15,000
Purchases less returns upto 30.9.2016
1,45,000
Sales less returns upto 30.9.2016
1,84.050
In valuing the Stock on 31st March, 2016; due to obsolescence 50% of the value of the Stock
which originally cost Rs6,000 had been written off. In May 2016, three-fourth of this Stock
had been sold at 90% of original cost and it is now expected that the balance of the obsolete
Stock would also realise the same price. Subject to the above, Gross Profit had remained,
uniform throughout. Stock to the value of Rs.7,200 was salvaged.​

Answer 1

Answer:

closing stock is 60500 and claim is 53300