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Tuesday,28June2016
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Insurance mean monetary protection against various kind of future risk.
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1. Life Insurance
2. General Insurance -: It covers remaining all type of insurance like Fire,Theft, Mediclaim, Accidental Insurance etc.
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Types of Policy -: 1
In case of loss of stock due to fire following steps involved for calculation of amount of claim -:
STEP 1 -: Prepare trading account for previous financial year for calculation of GROSS PROFIT RATE; if it is not given -:
Gross Profit Rate = GROSS PROFIT / SALES X 100
(+) (-) Trend in Gross Profit Rate.
Disclose Gross profit by applying Gross Profit Rate on current year sales.
I.Adjust in trading a/c of previous year if gross profit rate is not given.
Convert the stock into actual cost and than disclosed it in trading a/c.
II.Adjust in current year Memorandum trading a/c.
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II.Adjust in current year Memorandum trading a/c.
Disclose detail of normal stock & abnormal stock separately in the tabular format.
Average Clause -:
Situation of Under Insurance.
When stock on date of fire > Policy amount or Insurance Claim.
Policy Value = Insured amount.
Insurable Amount = Stock on date of fire.
Proportionate claim is given out of loss of stock in proportion of insured amount and insurable amount.
All the date for calculation of GPR will be taken for Previous financial year.
+/- Trend in Gross Profit Rate.
STEP 2 -: Calculation of Short Sales -:
I.Sales in the previous year corresponding indemnity period xxxx
Short Sales XXXX
OR xxxx
Additional Exp X Net profit + Insured Standing
_______________________________
Net Profit + Total Standing
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NOTE 1 -:
A. Indemnity Period -: From date of fire to re-establishment of business.
B. Annual Turnover -: 12 months sales just preceding date of fire.
1. If part of annual turnover for current year sales is not separately determinable -:In such case adjusted the entire
amount of annual turnover with increasing or decreasing trend of sales in order to calculation adjusted turnover.
2. If current year sales out of annual turnover is separately determinable -:
In such case adjust with trend only that part of annual turnover which related to previous year and part of annual
turnover which relates to current year will not be trend adjusted because it is already trend adjusted.
NOTE 3 -: Trend in sales -:
1.If already given in question. (Use as it is)
2.If not given in question.
I.If same period sales is available for different year (must be normal period) calculate trend in sales by using sales data for that
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