Question 3 On 30th March, 2012 fire occurred in the premises of M/s Suraj Brothers. The concern had taken an insurance policy of 60,000 which was subject to the average clause. From the books of accounts, the following particulars are available relating to the period 14 January to 304 March 2012 (1) Stock as per Balance Sheet at 31 December, 2011, 295,600 (2) Purchases (including purchase of machinery costing 230,000) 1,70,000 (3) Wages (including wages 3,000 for installation of machinery) 50,000 (4) Sales (including goods sold on approval basis amounting to 2 49,500) 2,75,000. No approval has been received in respect of 2/3d of the goods sold on approval. (5) The average rate of gross profit is 20% of sales. (6) The value of the salvaged goods was 12,300 You are required to compute the amount of the claim to be lodged to the insurance company