Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer correct Ram's godown caught fire on 29th August, 2020. Large part of the stock of goods was destroyed and goods costing 7 56,350

please answer correct image text in transcribed

Ram's godown caught fire on 29th August, 2020. Large part of the stock of goods was destroyed and goods costing 7 56,350 could be salvaged. Ram provides you the following additional information: Cost of stock on 1st April, 2019 3,55,250 Cost of stock on 31st March, 2020 3,95,050 Purchases during the year ended 31st March, 2020 28,39,800 Purchases from 1st April, 2020 to the date of fire 16,55,350 Cost of goods distributed as samples for advertising from 1st April, 2020 20,500 to the date of fire Cost of goods withdrawn by trader for personal use from 1st April, 2020 to the date of fire 1,000 Sales for the year ended 31st March, 2020 40,00,000 Sales from 1st April, 2020 to the date of fire 22,68,000 Ram had taken the fire insurance policy for 4,00,000 with an average clause. You are required to compute the amount of the claim that will be admitted by the insurance company

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting For MBAs

Authors: Easton, Wild, Halsey, McAnally

7th Edition

1618532316, 978-1618532312

More Books

Students also viewed these Accounting questions