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1. The cost of the stock on date of fire is Rs. 52,000/- and stock worth Rs. 2000/- was
salvaged compute the amount of loss.
2. If total stock of Rs. 50,000/- is insured fully and the entire stock is lost. Calculate the
amount of loss.
3. The value of policy is only Rs. 25,000 and the entire stock of Rs. 50,000/- is lost, the
claim will be_
4. If total stock of Rs. 50,000 is insured for Rs. 25,000 and stock of Rs. 20,000 is lost,
what amount would be claimed.
5. If total stock of Rs. 50,000 is insured for Rs. 70,000 and the entire stock is lost, what
will be claim?
6. On 17th June 2003, a fire occurred in the premises of Mr. Dilip a book seller. Most of
the stock was destroyed. The cost of the salvaged stock being Rs. 11,200/- In addition
some stock was salvaged in damaged condition and its value was estimated Rs. 10,400/-
The following particular were available from the books of Accounts.
1. Stock at the close of Accounts on 31st Dec 2002 was Rs. 83,500.
2. Purchase up to the date of fire is Rs. 1,12,000 and the sales Rs. 1,54,000/-
3. On the basis of past 3 years it appears that an average gross profit of 25% is
earnedon sales.
Stock was insured for Rs. 75,000. Compute the amount of claim.
7. Bush prepares account on 30th June each year. On 30th September, 2003 fire destroyed
the greater part of his stock. Following information was collected.
1. Stock on 30th June 2003 is Rs. 2,92,500/-
2. Purchases from 1st July 2003 to 30th September, 2003 is Rs. 6,00,000/-
3. Wages from 1st July 2003 to 30th September, 2003 is Rs. 2,27,500
4. Sales (Same period) 10,00,000
10. On 31.09.1998 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.
In valuing the Stock on 31.03. 1998 ,dueto obsolescence 50% of the value of the stock
which originally cost Rs.6000 had been written off . In may 1998,3/4th of 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.
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11. On 30.09.2001 ,the stock of sharp ltd co. was destroyed by fire . The following
information could be extracted from salvaged records.
12.On 1.07.2000 a fire took place in the godown of ranjit kumar which destroyed all
stocks. Calculate the amount of insurance claim .
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13. On 1st April 2000 there was a fire in the godown of fireproof equipment
Manufacturing Ltd. which completely destroyed the stock and also other books and
recorder .However , they are able to obtain the following information from their income
Tax and sales Tax consultants.
Further information:
1. The sales and purchase for march 2000 may be assumed as having been made at
the same rate as in past two months.
2. In jan 2000 a theft had taken place as a result of which goods of the sale value of
Rs. 6,ooo were lost.
3. Wages and other expenses may be taken after 31.12.99 at the same rate as in the
years 1999.
4. Insurance policy was taken for Rs.22,500.There was an average clause in the
policy.
You are required to prepare a statement showing the claim to be lodged
with the insurance company , taking the value of salvage at Rs.5,000. All working should
form part of your answer.
14.On 1st April 2000 the godown of Mr.Peter was destroyed by fire from the account
books, the following particulars are gathered.
PARTICULARS Rs.
st
Stock as cost on 1 January,1999 4,595
Stock as per balance sheet as on 31st December,1999 8,520
Purchases during 1999 45,225
Purchases from 1st January 2000 to 31st march ,2000 12,500
Sales during 1999 58,500
Sales from 1st January 2000 to 31st march ,2000 15,250
Value of goods salvaged 1,050
Goods whose original cost was Rs.600 had been valued at Rs.250 on 31st December 1999.
These were sold in march 2000 for Rs.450 .Except this transaction , the rate of gross
profit has remained constant.
On 31st march 2000 goods worth Rs.2,500had been received by the godownkeeper but
had not been entered in the purchase register. calculate the value of goods damaged by
the fire.
Sales : For the year to 31.12.1999 Rs.8,00,000
For jan & feb 2000 Rs. 80,000
Purchases: For the year to 31.12.1999 Rs.3,65,000
For jan & feb 2000 Rs 24,000
Stocks (At cost)
As at 01.01.1999 Rs.1,00,000
As at 31.12.1999 Rs. 45,000
Wages for the year to 31.12.1999 Rs.1,08,000
Other direct expenses for the year to 31.12.1999 Rs. 72,000
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15. On 1.04.1999 an accidental fire completely destroyed the stock of chote Nawab.
However, from the various records available from his chartered accountant, the
following information was obtained, from which you are requested to prepare a
statement showing the amount of claim to be lodged with the sharmila insurance co.
PARTICULARS Rs.
Stock of cost: 1st January,1998 45,000
1st January,1999 55,000
purchases: calendar year 1998 1,29,250
Three months to 31st march,1999 60,000
Sales : year ended 31st December,1998 1,70,000
Period up to the date of fire 1,00,000
Manufacturing expenses: calendar year 1998 21,000
Three months to 31st march,1999 ?
In, February, 1999 goods valued at sale price of Rs. 5,000 were distributed as
samples. Manufacturing expenses were normally found to be constant. The value
of salvaged stock was estimated at Rs. 7,000.
{Ans. Rate of gross profit 17.5%: Stock on the date of fire Rs. 33,625 Claim Rs.
26,625}
16. a fire occurred in the godown of a firm on 31st January, 1997. The stock on 1st
January, 1997 was valued at Rs. 67,460. The transactions and other information of the
period between 1st January and 31st January were as follows, from which you required to
ascertain the value of goods destroyed.
i. Purchases from 1-1-1997 to 31-1-1997 amounted to Rs. 4820, of which goods worth Rs.
1900 were received on 2nd February, 1987.
ii. Sale from 1-1-1997 to 31-1-1997 amounted to Rs. 56,800 of which sales on the basisi of
sale or return amounted to Rs. 3,600.