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On 1.4.2020, the godown of Vista Ltd. was destroyed by fire and a considerable part ofthe stock was destroyed. The stock salvaged was Rs. 40,000. Vista Ltd. had taken a fire insurance policy for Rs. 1,68,000 to cover the loss of stock by fire.The records of the company revealed the following particulars:Rs.Stock on 01.01.2019 1,70,000Stock on 31.12.2019 2,20,000Purchases during 2019 4,10,000Sales during 2019 5,30,000Purchase from 01.01.2020 to the date of fire 75,000Sales from 01.01.2020 to the date of fire 1,00,000Wages paid during 2019 89,160Wages paid from 01.01.2020 to the date of fire 23,500It was the practice of the company to value its stock at cost plus 10%. Calculate the amount of claim to be submitted to the Insurance Company |
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Answer» the stock was destroyed. The stock salvaged was Rs. 40,000. VISTA Ltd. had taken a fire insurance policy for Rs. 1,68,000 to COVER the loss of stock by fire. The records of the company REVEALED the FOLLOWING particulars: Rs. Stock on 01.01.2019 1,70,000 Stock on 31.12.2019 2,20,000 Purchases during 2019 4,10,000 Sales during 2019 5,30,000 Purchase from 01.01.2020 to the date of fire 75,000 |
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