Particulars | Amount | Particulars | Amount |
To Opening stock | 1,67,000 | By Sales | 3,08,000 |
To Purchase | 2,24,000 |
|
|
To Gross Profit (50% of sales) | 1,54,000 | By Closing stock (Bal fig) | 2,37,000
|
Total | 5,45,000 | Total | 5,45,000 |
Particulars | Amount |
Estimated stock | 2,37,000 |
Less: Stock Salvaged | (43,200) |
Therefore, Loss of stock | 1,93,800 |
Particulars | Rs. |
Purchases for the year ended 31-3-2013 Sales for the year ended 31-3-2013 Purchases from 1-3-2013 to 1-9-2013 (Evenly Spread during the period) Sales from 1-3-2013 to 1-9-2013 (Evenly Spread during the period) Stock on 31st March, 2012 Stock on 31st March, 2013 | 3,50,000 5,50,000
1,20,000
1,80,000 1,50,000 1,70,000 |
Particulars | Amount | Particulars | Amount |
To Opening stock | 1,50,000 | By Sales | 5,50,000 |
To Purchase | 3,50,000 |
|
|
To Gross Profit (Bal Fig) | 2,10,000 | By Closing stock (1,70,000-10,000) | 1,60,000 |
Total | 7,10,000 | Total | 7,10,000 |
Particulars | Amount | Particulars | Amount |
To Opening stock | 1,60,000 | By Sales | 1,80,000 |
To Purchases | 1,20,000 |
|
|
To Gross Profit (38.18% of Sales) | 68,724 | By Closing stock (Bal fig) | 1,68,724 |
Total | 2,48,724 | Total | 2,48,724 |
Particulars | Amount |
Estimated stock | 1,68,724 |
Less: Stock Salvaged | (50,500) |
Therefore, Loss of stock | 1,18,224 |
Details | 2010 Rs. | 2011 Rs. | 2012 Rs. | 2013 Rs. |
Opening Stock Purchases less Returns Sales less Returns Freight (Inward) Freight (Outward) Closing Stock | 10,000 90,000 1,00,000 4,000 5,000 22,000 | 22,000 1,45,000 1,98,800 3,000 7,000 11,800 | 11,800 2,63,200 3,05,500 5,000 6,000 34,000 | 34,000 43,000 46,000 1,000 600 ? |
Particulars | 2010 | 2011 | 2012 | Particulars | 2010 | 2011 | 2012 |
To Opening Stock | 10,000 | 22,000 | 11,800 | By Sales | 1,00,000 | 1,98,800 | 3,05,500 |
To Purchase | 90,000 | 1,45,000 | 2,63,200 |
|
|
|
|
To Freight | 4,000 | 3,000 | 5,000 | By Closing Stock | 22,000 | 11,800 | 34,000 |
To Gross profit (Bal Fig) | 18,000 | 40,600 | 59,500 |
|
|
|
|
Total | 1,22,000 | 2,10,600 | 3,39,500 | Total | 1,22,000 | 2,10,600 | 3,39,500 |
Particulars | Amount | Particulars | Amount |
To Opening Stock | 34,000 | By Sales | 46,000 |
To Purchase | 43,000 |
|
|
To Freight | 1,000 | By Closing stock (Bal fig) | 40,873 |
To Gross Profit (19.29% of Sales) | 8,873 |
|
|
Total | 86,873 | Total | 86,873 |
Particulars | Amount |
Estimated stock | 40,873 |
Less: Stock Salvaged | (4,000) |
Therefore, Loss of stock | 36,873 |
Particulars | Amount | Amount | Particulars | Amount | Amount |
To Opening stock |
| 1,77,200 | By Sales |
| 6,10,000 |
To Purchase |
| 4,15,400 | By Closing stock | 1,50,200 |
|
|
|
| Add: Abnormal Stock Written Off | 2,400 | 1,52,600 |
To Gross Profit (Bal fig) |
| 1,70,000 |
|
|
|
Total | 7,62,600 | Total | 7,62,600 |
Particulars | Normal | Abnormal | Particulars | Normal | Abnormal |
To Opening stock | 1,45,400 | 7,200 | By Sales | 2,29,000 | 7,000 |
To Purchase | 1,49,400 |
| By Abnormal Loss |
| 200 |
To Gross Profit (27.86% of sales) | 63,800 |
| By Closing Stock (Bal fig) | 1,29,600 |
|
Total | 3,58,600 | 7,200 | Total | 3,58,600 | 7,200 |
Particulars | Amount |
Estimated stock | 1,29,600 |
Less: Stock Salvaged | (20,420) |
Therefore, Loss of stock | 1,09,180 |
Particulars | Amount Rs |
Stock at cost on 1.1.2012 Stock at cost on 1.1.2013 Purchases in 2012 Purchase from 1.1.2012 to 15.9.2013 Sales in 2012 Sales from 1.1.2013 to 15.9.2013 | 40,000 60,000 80,000 1,76,000 1,20,000 2,10,000 |
Particulars | Current Year Rs | Last Year Rs | Particulars | Current Year Rs | Last Year Rs |
To Opening Stock | 60,000 | 60,000 | By Sales | 2,10,000 | 2,00,000 |
To Purchase | 1,76,000 | 1,60,000 | By Closing Stock | 1,32,000 | 1,20,000 |
To Gross Profit | 1,06,000 | 1,00,000 |
|
|
|
| (bal. fig.) | (50% of Sales) |
|
|
|
| 3,42,000 | 3,20,000 |
| 3,42,000 | 3,20,000 |
1. Value of Closing Stock |
|
| Rs. |
Stock at last years’ level | 60,000 |
Add: 10% increase in cost of purchase | 6,000 |
| 66,000 |
Amount of Claim | Rs. |
Closing Stock | 1,32,000 |
Less: Stock Salvaged | 4,000 |
Actual Value of Stock last | 1,28,000 |
Actual Value of Stock Loss |
|
Particulars | Amount Rs | Particulars | Amount Rs |
To, Opening Stock | 40,000 | By, Sales (less returns) | 1,20,000 |
To, Purchase (less returns) | 80,000 | By, Closing Stock | 60,000 |
To, Gross profit (bal. fig.) | 60,000 |
|
|
| 1,80,000 |
| 1,80,000 |
Stock as on 31.12.2012 | 60,000 |
Purchases to the date of fire | 2,60,000 |
Sales to the date of fire | 1,80,000 |
Carriage Inwards | 1,600 |
Commission on purchase to be paid | @2% |
Gross Profit Ratio @ 50% on cost |
|
Particulars | Rs | Rs | Particulars | Rs |
To Opening Stock To Purchase Add: Carriage Inward Add: Com. on Purchase To Gross Profit (@ 50% on cost or 33 % on sale) |
2,60,000 1,600 5,200 | 60,000
2,66,800 60,000 | By, Sales By Closing Stock (bal. figure) | 1,80,000 2,06,800 |
3,86,800 | 3,86,800 |
Particulars | Amount |
Estimated stock | 2,06,800 |
Less: Stock Salvaged | (41,360) |
Therefore, Loss of stock | 1,65,440 |
| Rs |
| Rs |
Purchases for the year 2012 | 9,38,000 | Stock on 1.1.12 | 1,44,000 |
Sales for the year 2012 | 11,60,000 | Stock on 31.12.2012 | 2,42,000 |
Purchases from 1.1.13 to 1.4.13 | 1,82,000 | Wages paid during 2012 | 1,00,000 |
Sales from 1.1.13-1.4.13 | 24,00,000 | Wages paid 1.1.13-1.4.13 | 1,80,000 |
Particulars | Amount Rs | Particulars | Amount Rs |
To Opening Stock | 1,60,000 | By Sales | 11,60,000 |
1,44,000 × (100/90) |
| By Stock lost by Accident | 50,000 |
To Purchases | 9,38,000 | By Closing Stock (2,42,000 ×100/110) | 2,20,000 |
To Wages | 1,00,000 |
|
|
To Profit & Loss A/c (G.P. transferred) | 2,32,000 |
|
|
| 14,30,000 |
| 14,30,000 |
Particulars | Amount Rs | Particulars | Amount Rs |
To Opening Stock | 2,20,000 | By Sales | 2,40,000 |
To Purchases | 1,82,000 | By Closing Stock | 2,28,000 |
To Wages | 18,000 |
|
|
To Profit & Loss A/c (G.P. @20% of sales) | 48,000 |
|
|
| 4,68,000 |
| 4,68,000 |
| Rs |
Stock on 1.1.2012 | 75,000 |
Stock on 31.12.2012 | 80,000 |
Purchases during 2012 | 3,10,000 |
Sales during 2012 | 4,00,000 |
Purchase from 1.1.2013 to the date of fire | 75,000 |
Sales from 1.1.2013 to the date of fire | 1,00,000 |
Particulars | Rs. | Rs. | Particulars | Rs. | Rs. |
To, Opening Stock To Purchases Less: Purchase of Abnormal items of goods To Gross Profit (bal. fig.) |
| 75,000 | By Sales By Closing Stock Add: Loss on value of abnormal items (Rs.5,000–Rs.4,800) |
| 4,00,000 |
3,10,000 |
| 80,000 |
| ||
4,800 | 3,05,200 | 200 | 80,200 | ||
|
1,00,000 |
|
| ||
| 4,80,200 |
| 4,80,200 |
Particulars | Rs. | Particulars | Rs. | Rs. |
To Opening Stock | 80,200 | By Sales Less: Sale of abnormal Stock (Rs. 2,400 – Rs. 400) By Closing Stock (bal. fig.) | 1,00,000 |
|
To Purchases | 75,000 | 2,000 | 98,000 | |
To Gross Profit (@25% on Rs. 98,000) | 24,500 |
|
| |
|
|
| 81,700 | |
| 1,79,700 |
| 1,79,700 |
Actual turnover from 1st February to 30th June, 2012 | 80,000 |
Turnover from 1st February to 30th June, 2011 | 2,00,000 |
Turnover from 1st February, 2011 to 31st January, 2012 | 4,50,000 |
Net Profit for last financial year | 70,000 |
Insured standing charges for last financial year | 56,000 |
Total standing charges for last financial year | 64,000 |
Turnover for the last financial year | 4,20,000 |
Particulars | Amount |
(i) Reduction in turnover |
|
Turnover from 1st February to 30th June, 2011 | 2,00,000 |
Add: 15% Increase | 30,000 |
| 2,30,000 |
Less: Actual turnover from 1st February to 30th June, 2012 | (80,000) |
Short Sales | 1,50,000 |
|
|
Gross Profit on reduction in turnover @ 30% on Rs 1,50,000(see WN 1) | 45,000 |
Add: Additional Expenses (Lower of A or B or C) |
|
|
|
B. Additional Exp x GP on Adjusted T/o / GP+Uninsured standing charges 6700 x 155250/163250 =6,372 See WN 2 for amounts |
|
C. GP on Sales on account of additional expenses 80000 x 30% = 24,000 | 6,372 |
| 51,372 |
Less: Savings in Insured standing charges | (2,450) |
Amount of claim before Application of Average Clause | 48,922 |
Application of Average Clause |
|
Amount of Policy × Amount of Claim G.P. on Annual Turnover |
|
= 125000 x 48922 155250 | 39,390 |
Amount of Claim under the Policy is Rs. 39,390 |
|
|
|
Working Notes |
|
|
|
Net Profit | 70,000 |
Add: Insured Standing Charges | 56,000 |
Gross Profit | 1,26,000 |
Turnover for the last financial year | 4,20,000 |
Rate of GP = 126000 x 100 420000 | 30% |
|
|
2. Adjusted Annual Turnover |
|
Turnover from 1st February, 2011 to 31st January, 2012 | 4,50,000 |
Add: 15% Increase | 67,500 |
| 5,17,500 |
Gross Profit on Rs. 517500 @ 30% | 1,55,250 |
Standing charges not insured(64000-56000) | 8,000 |
GP plus non insured standing charges | 1,63,250 |
Particulars | Amount In lakhs |
Actual turnover from 1st March, 2019 to 31st August, 2019 | 80 |
Turnover for corresponding period in the 12 months immediately preceding the date of fire ie 1st March, 2018 to 31st August, 2018 | 240 |
Turnover for the 12 months immediately preceding the date of fire ie 1st March, 2018 to 28th Feb, 2019 | 600 |
Net Profit for last Financial Year | 90 |
Insured Standing charges for last Financial Year | 60 |
Uninsured Standing charges | 5 |
Turnover for last Financial Year | 500 |
Particulars | Amount |
(i) Reduction in turnover |
|
Standard Turnover | 240 |
Add: 10% Increase | 24 |
| 264 |
Less: Turnover during dislocation period | (80) |
Short Sales | 184 |
|
|
Gross Profit on reduction in turnover @ 30% on 184 lakhs(see WN 1) | 55.2 |
Add: Additional Expenses (Lower of A or B or C) |
|
|
|
B. Additional Exp x GP on Adjusted T/o / GP+Uninsured standing charges 198 x 9.3/(198+5) =9.071 lakhs See WN 2 for amounts |
|
C. GP on Sales on account of additional expenses (80 lakhs – 55 lakhs) x 30% = 7.5 lakhs | 7.5 |
| 62.7 |
Less: Savings in Insured standing charges | 2.7 |
Amount of claim before Application of Average Clause | 60 |
Application of Average Clause |
|
Amount of Policy × Amount of Claim G.P. on Annual Turnover |
|
= 60 x 165 198 | 50 |
Amount of Claim under the Policy is Rs. 50 lakhs |
|
|
|
Working Notes |
|
|
|
Net Profit | 90 |
Add: Insured Standing Charges | 60 |
Gross Profit | 150 |
Turnover for the last financial year | 500 |
Rate of GP = 150 x 100 500 | 30% |
|
|
2. Adjusted Annual Turnover |
|
Turnover from 1st March, 2018 to 28th Feb, 2019 | 600 |
Add: 10% Increase | 60 |
| 660 |
Gross Profit on 660 lakhs @ 30% | 198 |
Particulars | Amount | Particulars | Amount |
To Opening stock | 10,00,000 | By Sales | 95,00,000 |
To Purchases | 60,00,000 | By Closing stock | 5,00,000 |
To Manufacturing Expenses | 6,70,000 |
|
|
To Selling Expenses | 9,05,000 |
|
|
To Fixed Expenses | 7,25,000 |
|
|
To Net Profit | 7,00,000 |
|
|
Total | 1,00,00,000 | Total | 1,00,00,000 |
Particulars | Amount In lakhs |
(i) Reduction in turnover |
|
Sales from 1st August, 2018 to 30th November, 2018 | 30 |
Add: 20% Increase | 6 |
| 36 |
Less: Turnover during dislocation period | 4 |
Short Sales | 32 |
|
|
Gross Profit on reduction in turnover @ 15% on 32 lakhs(see WN 1) | 4.8 |
Amount of claim before Application of Average Clause | 4.8 |
Application of Average Clause |
|
Amount of Policy × Amount of Claim G.P. on Annual Turnover |
|
= 4.8 x 12 18 | 3.2 |
Amount of Claim under the Policy is Rs. 3.2 lakhs |
|
|
|
Working Notes |
|
3. Rate of Gross Profit |
|
Net Profit | 7 |
Add: Insured Standing Charges | 7.25 |
Gross Profit | 14.25 |
Turnover for the last financial year | 95 |
Rate of GP = 14.25 x 100 95 | 15% |
|
|
4. Adjusted Annual Turnover |
|
Sales from 1st August, 2018 to 31st July, 2019 | 100 |
Add: 20% Increase | 20 |
| 120 |
Gross Profit on 120 lakhs @ 15% | 18 |