Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The godown of K LTD. was engulfed in fire on 31st May, 2015 as a result of which a part of stock burnt to ashes.

The godown of K LTD. was engulfed in fire on 31st May, 2015 as a result of which a part of stock burnt to ashes. The stock was covered by Fire Policy for `2,00,000 subject to Average Clause. The records of the company revealed the following particulars.Actual Value of Stock as on 31.05.2015 : ` 4,00,000 The Value of Salvaged Stock : ` 90,000 You are required to ascertain the amount of claim to be lodged with 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_2

Step: 3

blur-text-image_3

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

Accounting Information Systems

Authors: Robert Hurt

4th Edition

78025885, 78025884, 9781259293795 , 978-0078025884

More Books

Students also viewed these Accounting questions

Question

Assess control risk for a revenue process. L-987

Answered: 1 week ago

Question

Determine miller indices of plane A Z a/2 X a/2 a/2 Y

Answered: 1 week ago

Question

Subjective norms, i.e. the norms of the target group

Answered: 1 week ago