Problem 3. Fire occurred in the premises of A & Company on 1st September, 1992 and stock of the value of Rs. 1,01,000 was salvaged and the business books and records were saved. Rs. The following information was obtained : Purchases for the year ended 31.3.92 7,00,000 Sales for the year ended 31.3.92 11,00,000 Purchases from 1.3.92 to 1.9.92 2,40,000 Sales from 1.3.92 to 1.9.92 3,60,000 Stock on 31st March, 1991 3,00,000 Stock on 31st March, 1992 Further information 3,40,000 also given that the stock on 31.3.92 was over-valued by Rs. 20,000. Purchases and sales occur evenly over the months. Calculate the amount of the claim to be presented to the Insurance Company in respect of losses. Rate of gross profit is to be based on the year ended 31.3.92