Question 2 On 30 December, 2020 fire occurred in the premises of M/s Ampol Lubricants. The concern had taken an insurance policy of RO 130,500 which was subject to an average clause. From the books of accounts, the following information is available relating to the period from 1st April 2020 to 30 December 2020 1. Stock as per Balance sheet 31 March 2020, RO 207,930 2. Purchases (including purchase of machinery costing RO 65,250) RO 369,750 3. Wages (including wages for installing machinery RO 6,525) RO 108,750 4. Sales (including goods sold on approval basis amounting to RO 107,662) RO 589,125 No approval has been received in respect of the 2/3 of the goods sold on approval. 5. The average rate of gross profit is 20% on sales. 6. The value of salvaged goods was RO 26,752 Required: (a) Calculate the value of claim. (10 marks) (b) Show all the relevant workings (10 marks) (c) Explain how the amount of claim be calculated in case of Total Loss and Partial Loss (10 mark) Total 30 marks