A fire occurred in the premises of Mr. Dinkarrao on 7" November 2017. From the following particulars, prepare a statement of claim to be lodged with insurance company:- Particulars Rs. Stock on 01/04/2016 80,000 Stock on 31/03/2017 98,000 Purchases during 2016 - 17 6,75,000 Sales during 2016 - 17 8,10,000 Purchases from 01/04/2017 to 07/11/2017 5,05,400 Sales from 01/04/2017 to 07/11/2017 6,25,000 n valuing the stock for Balance Sheet on 31* March 2017 Rs.8,000 had been written off. Certain stock having cost Rs.14,000. Half of these goods were sold in May 2017 for Rs.2,000. The balance is estimated to be worth 60% of original cost. Subject to this exception, gross profit had remained at uniform rate. The policy amount was Rs.1,20,000.The stock salvaged was worth Rs.7,500. Razavi Traders have taken a fire policy of Rs.4,80,000 covering its stock in trade. A fire occurs on 31-3-2018 and stock was destroyed with the exception of the value of Rs.1,24,080. Following particulars are available from the books of accounts of the firm: Stock on 31-12-2017 Rs. 1,80,000 Purchases to the date of fire Rs. 7,80,000 Sales to the date of fire Rs. 5,40,000 Carriage Inwards to the date of fire Rs. 24,000 Commission paid on purchases 2% Rate of Gross Profit on cost 50%~~ A fire occurred in the factory of Good Luck Co. Ltd on 15" April 2018. The value of the goods saved from fire was Rs.1,40,000. Following information is available:- Year Sales Gross Rs, Profit Rs. 2015-16 30,00,000 | 9,80,100 2016-17 27,50,000|_9,35,000 The stock on 31% March 2018 was valued at Rs.4,85,000.Purchases, sales and wages from 1% April 2018 to 14 April 2018 were ascertained at Rs.3,75,000, Rs.7,95,000 and Rs.1,50,000 respectively. Calculate the claim to be recovered from the Insurance Company Ajinkya Ltd suffered loss of stock due to fire on 31% May 2018. From the following information, prepare a statement showing the amount of claim to be lodged:- | Rs. | Stock on 01/01/2017 Purchases during 2017 Sales during 2017 Purchases from 01/01/2018 to 31/05/2018 54,000 Sales from 01/01/2018 to 31/05/2018 Stock on 31/12/2017 31,800 An item of stock purchased in 2016 at a cost of Rs.10,000 was valued at Rs.6,000 on 31°" December 2016.Half of the stock was sold in 2017 for Rs.2,600. Remaining stock was valued at Rs.2,400 on 31% December 2017.1/4" of the original stock was sold in March, 2018 for Rs.1,400.The remaining stock was considered to be worth 60% of the original cost. Salvage was Rs.12,000.The amount of the policy was Rs.30,000.There was an average clause in the policy.A tire occurred in the business premises of M/S Black on 15" October ,2017. From the following particulars ascertain the loss of stock and prepare a claim for insurance. Particulars. Stock on 1-1-2016 Purchases from 1-1-2016 to 31-12-2016 Sales from 1-1-2007 to 31-12-2016 Stock on 31-12-2016 Purchases from 1-1-2017 to 14-10-2017 Sales from 1-1-2017 to 14-10-2017 The stocks were always valued at 90% of cost. The stock saved was worth Rs.18,000.The amount of the policy was Rs.63,000, There was an average clause in the policy. (Amount of claim = Rs. 47,250) (Ans.: G/P Rs.25,000, Stock on the date of Fire Rs.17,600, Amount of Claim Rs.14,000) On 21" June, 2017 the premises of X Ltd. were destroyed by fire but sufficient records were saved from which the following particulars were ascertained. Rs. Stock at cost on 1-1-2016 73,500 Stock at cost on 31-12-2016 79,600 Purchases during the year 2016 3,98,000 Sales during the year 2016 4,87,000 Purchases from 1-1-2017 to 21-6-2017 1,62,000 Sales from 1-1-2017 to 21-6-2017 2,31,200 In valuing the stock for the Balance Sheet at 31 December 2016 Rs.2,300 had been written off from certain stock which was a poor selling line, having cost Rs.6,900.A portion of these goods was sold in April 2017 at a loss of Rs.250 on the original cost of Rs.3,450.The remainder of this stock now estimated to be worth the original cost. Subject to above exception, gross profit had remained at a uniform rate throughout. The stock salvaged was Rs.5,800. Show the amount of claim. [Ans : Insurance Claim — Rs.52,250]A fire occurred in the godown of X Ltd. on 9" March, 2018, destroying the entire Stock. The books and records were salvaged from salvaged from which the following particulars were ascertained : Rs. Sales for the year, 2017 10,01,000 Sales for the period 1-1-2018 to 8-3-2018 3,00,000 Purchases for the year, 2017 8,00,000 Purchases for the period 1-1-2018 to 8-3-2018 1,25,000 Stock on 1-1-2017 3,31,100 Stock on 31-12-2017 3,85,000 The company has been following the practice of valuing the Stock of goods at actual cost plus 10%. Included in the Stock on 1-1-2017 were some shop-soiled goods which originally cost Rs.2,000, but were valued at Rs.1,100. These goods were sold during the year 2017 for Rs.1000. Subject to these, the rate of Gross Profit on the basis of valuation of Stock was uniform. You are required to ascertain the value of the Stock destroyed. [Ans : Rs.2,50,000] Q5 A fire occurred in the business premises of Mr Purohit on 1st May, 2017. All the (15) stock was destroyed however stock amounting to & 35,000 and the books of accounts were saved. Mr Purohit had taken a policy of € 16,00,000. You are required to ascertain the claim to be filed with the insurance company. The following information was available from the books : 1, The stock on 31* March, 2017 was valued at & 4,10,000. (overvalued by 25%) The purchases, sales and factory wages from 15t April, 2017 to 1 May, 2017 were ascertained at %20,30,000 ; € 29,00,000 and %12,00,000 respectively, Sales returns amounted to % 2,00,000, whereas, Purchase returns were €30,000 Carriage Inward was %3,00,000 . Goods given out as free samples were %3,65,000. The Normal rate of Gross Profit was 50% on cost. La re &The business premises of Gala Timber Mart destroyed by fire on 16/07/2018. However all ( the books of accounts and stock amounting Rs. 18,000 were salvaged and the following information was available from the books Year ended Gross Profit (Rs) Sales (RS) 9.58,000 9,00,000 9.34,000 912,000. Additional Information: a) Stock on 31-03-2018 Rs. 1.02,250. b) Purchases from 01-04-2018 to 16-07-2018 Rs. 2,12,380 c) Sales from 01-04-2018 to 16-07-2018 Rs. d) Wages from 01-04-2018 to 16-07-2018 R: e) The amount of policy was Rs. 55,000 Claim was subject to Average clause. You are required to prepare a statement of claim against insurance company. OR The premises of Shlok Ltd. were engulfed by fire on 1“ November, 2018 whereby ( substantial stock was severely destroyed. The records available with the company yield the following information. a) For the year ended 31“ March, 2018: Particulars Rs. Opening Stock 1,20,000 Closing Stock 1,95,000 Purchases 12,00,000 Sales 25,00,000 Wages 4,50,000 Direct Expenses 00,000. b) For half year ended 30" September, 2018 Purchases Rs. 7,50,000 Sales Rs. 13,50,000 ¢) For the period from 1“ October, 2018 to date of fire, purchases and sales were at the same. monthly rate as for the period 1 April, 2018 to 30" September 2018. d) The wages and Direct Expenses during the period 1° April,2018 to date of fire were at the ne rate per month as in last year. e) Salvage Value is Rs, 26,250 f) The policy amount was Compute the amount of c! 310,000. The claim was subject to Average clause. n to be lodged with the Insurance Company.The premises of Ms Firewood and Company caught fire on 30" June 2017. (15) The stock of goods was totally destroyed by fire with an exception of € 25000, the books of accounts, however, being saved. The following is the further information 1.4.2016 to 1.4.2017 Particulars 31.3.2017 | to 30.6.2017 @ @) Opening Stock ( valued at 5% above cost) 1,20,120 1,30,200 Purchases 4,50,000 1,20,000 Sales 5,40,000 2,25,000 Wages 80,000 36,000 Purchase Returns 50,000 20,000 Sales Returns 40,000 25,000 Goods withdrawn for personal use 10,000 : Prepare a statement for submission to the insurance company against your policy of 750000. On 5t June 2017 there was a devastating Fire in the godown of Welspun Ltd. (15) Following details were available from the books that were saved. Particulars Stock on 1.4.2016 Purchases from 1.4.2016 to 31.3.2017 Purchases from 1.4.2017 to 5.06.2017 Sales from 1.4.2016 to 31.3.2017 Sales from 1.4.2017 to 5.06.2017 Stock on 31.3.2017 Wages from 1.4.2016 to 31.3.2017 Wages from 1.4.2017 to 5.06.2017 The salvage amounted to & 3,200. Company spent & 1,640 as firefighting Expenses. The sum assured by Insurance Company was & 60,000. The Policy bears an Average Clause. You are required to compute the claim to be filed with the Insurance Company.On 31% July 2017, A major fire broke in the premises of M/s Shalimar (as) International destroying stock of goods available with them. Stock having cost worth 25,000 could be salvaged. The Insurance policy was for & 25,000. Following information was obtained from the books of Accounts saved. Particulars [ Rs. la. Balances as per the last Balance sheet as on 31% March 2017: Stock Creditors 12,000 Debtors 20,000 lb. Transactions between 1.4.2017 and 31.07.2017. Payment to Creditors 42,000 Receipts from Debtors 60,000 Returns inward 5,000 Returns Outward 6,000 Cash Sales 55,000 Unpaid Creditors as on 31° July 2017 40,000 Unpaid Debtors as on 31° July , 2017 55,000 All Sales are made at a profit of 33.33 % on Selling Price. You are required to draw up a statement showing claim to be submitted to the Insurance Company. On 31" May, 2016, a fire occurred & partly damaged the stock of goods of Vulnerable Traders, (45) Stock having a cost of & 1,00,000/- being salvaged. The stocks were insured against fire to the extent of & 4,50,000/-. The following particulars could be obtained from the books and records saved : Particulars z Balance as per Balance Sheet as on 31-12-2015 : Stock (as undervalued by 10%) 2,70,000 Debtors for Goods 75,000 Creditors for Goods 45,000 Transactions between 1-1-2016 to 31-05-2016 = Cash received from debtors 6,00,000 Cash Discount allowed to debtors 15,000 Goods returned by debtors 6,000 Cash paid to creditors 11,10,000 Cash discount from creditors 12,000 Goods returned to Creditors 3,000 Cash sales 6,36,000 Goods donated (at cost) 15,000 Debtors for goods as on 31-05-2016 1,74,000 Creditors for goods as on 31-05-2016 90,000 All sales were made at a Gross Profit of 25% on Sale price. Draw a statement of claim for loss of stock.On 30" September, 2016, a fire destroyed major part of stock of M/S. Fireprone& Co. Stocks costing & 5,20,000/- could be salvaged but not saved their stock ledgers. A fire insurance policy was in force under which the sum insured was % 12,00,000. You are given the following data from the available records : (a) Total of sales invoices during the period April to September, 2016 amounted to % 90,60,000/-. An analysis showed, that goods of the value of % 9,00,000/- had been returned by customers before the date of fire {b) Opening stock on 1* April, 2016 was & 6,60,000/- which was over-valued by 10%. (c) Purchases between 1* April 2016 and 30" September, 2016 were % 65,00,000/-. (d) Normal Gross Profit Rate was 33 '/, % on sale. Prepare a statement of insurance claim. (15) A fire occurred in the godown of M/S Fireworks Ltd on 28" March, 2017; destroying (15) the major part of stock. The books and the records were salvaged from which the following particulars were ascertained: Particulars x Sales for the year 2016 3,00,000 Sales for the period 1.1.2017 to 28.3.2017 90,000, Purchases for the year , 2016 2,90,000 Purchases for the period 1.1.2017 to 28.3.2017 37,500 Stock on 1.1.2016 1,00,000 Stock on 31.12.2016 1,15,000 Wages 20,000 Free Samples distributed at cost 20,000 The Company has been following the practice of valuing the Stock of goods at actual cost plus 10 %. Included in the Purcha: % 50, 000. Subject to these was uniform. Salvage was % 15, of 2016 were Purchases of Machinery costing , the rate of Gross Profit on the basis of valuation of Stock 100 and Sum Assured was % 80,000. [gnore the depreciation on Machinery. You are required to ascertain the Amount of claim for the loss of Stock.MIS, Firezone Limited closed their books every year on 31" March. On 28" February, (15) 2017 their premises other records the following information is obtained. and stock were destroyed by fire. From the books of accounts and PARTICULARS 2014 2015 2016 1-1-17 to 28-2-2017 z z z z Opening stock 90,300 1,08,000 1,20,000 123,000 Purchases less Returns 2,24,700 2,40,000 2,43,000 18,000 Sales Tess Returns Wages 3,60,000 52,200 3,96,000 4,20,000 62,532 36,000, 6,000 They have taken a fire insurance policy of & 1,05,000 and there is average clause in the policy, The salvaged goods amounted to & 17,000. Find out the amount of claim to be submitted to the insurance company.