PROBLEM 4.2 (Where figures are missing for preparation of Memorandum Trading A/c) A fire occurred in the premises of M/s Peter & Co. on 15 May, 2015. The entire stock as well as books and records were destroyed. From the Balance Sheet of the previous accounting year ended on 31-3-2015, you find the following items: $ $ Cash at Bank. 60,000 Creditors 1,80,000 Cash in hand 300 Stock in trade 50,000 Debtors 2,00,000 Following further information is available to you: (1) To meet daily wages, a cheque of $12,000 is drawn from the bank on the first working day of each month and a maximum of $300 is kept in the till on any day; (2) There was no cash purchase or cash sales; (3) All collections are deposited into bank each day; (4) Sundry expenses, other than wages, paid by cheque amount to $6,000 per month, drawn on the Second day of each month; (5) Debtors confirm their dues of $2,50,000 ; (6) The only creditor of the business which supplies goods to it, confirms that the business owes $2,00,000 after it had paid $2,40,000 by cheque during the period from 1-4-2015 to 15-5-2015; (7) Balance at bank on 15-5-2015 was $42,000; (8) The business usually makes a gross profit of 25% on sales which it is expected to maintain in 2015-16 also. Prepare a statement showing the insurance claim recoverable