The Godown of Seo was destroyed by fire on 15.4.15. From the following figures,ascertain the value of goods destroyed by fire.Particulars `````Stock as on 1.1.2014 720Purchases less Returns: From 1.1.10 to 31.12.14 2,800From 1.1.15 to 15.4.15 2,920Sales Less Returns: From 1.1.14 to 31.12.14 4,000From 1.1.15 to 15.4.15 3,200Stock as on 31.12.14 480Cost price of goods salvaged 240Cost price of goods taken by the proprietor for personal use and not recordedin the books (From 1.1.15 to 15.4.15) 320The stocks are valued at cost less 20%

M Traders have taken out a fire policy of ` 80,000 covering its stock in trade. A fareoccurs on 31st March, 2015 and stock was destroyed with the exception of ` 20,680 worth. Followingparticulars are available from the books of accounts of the firm:Particulars `````Stock on 1st January, 2015 30,000Purchase to the date of fire 1,30,000Sale to the date of fire 90,000Commission paid to the purchase manager on purchase 2%Carriage paid on purchases 800Average gross profit on cost 50%The policy was subject to average clause.You are required to calculate the:(i) Total loss of stock, and (ii) Amount of claim made against the Insurance Co

SAQ 1. A fire occurred on April 15, 2015, and destroyed the business premises of X & Co. Thebooks of accounts and Stock amounting to ` 1,80,000 were saved and the following information wasrendered available from the books:Particulars Sales Gross Profit(`````) (`````)Year ending December 31, 2010 86,00,000 21,50,000Year ending December 31, 2011 71,00.000 21,30,000Year ending December 31, 2012 60,00,000 20,00,000Year ending December 31, 2013 55,00,000 18,70,000Year ending December 31, 2014 48,00,000 16,00,000The stock on December 31, 2014, was valued at ` 9,70,000. The Purchases, sales and productionwages from January 1, 2015 to April 14, 2015 were ascertained at ` 7,50,000, ` 15,90,000 and` 3,00,000 respectively.You are to prepare a statement in support of your claim against the Insurance Company togetherwith any comments you may feel necessary to make

Calculate goodwill of the firm on the basis of 3 year's purchase of the average profits of the last five years. The profits of the last five years were :YearAmount (Rs.)2013-144,00,0002014-155,00,0002015-16 (60,000)2016-171,50,0002017-182,50,000Additional Information:(i) On 1st January, 2016, a fire broke out which resulted into a loss of goods of Rs. 3,00,000. A claim of Rs. 70,000 was received from the insurance company.(ii) During the year ended 31st March, 2018 the firm received an unexpected tax refund of Rs. 80,000.

Beckman Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $164,000. The asset is expected to have a salvage value of $16,600 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31, Year 2 will be:Multiple Choice$48,276$35,424$88,560$32,184$147,600

An asset's book value is $18,000 on December 31, Year 5. Assuming the asset is sold on December 31, Year 5 for $15,000, the company should record:Multiple ChoiceA gain on sale of $13,500.A loss on sale of $3,000.A loss on sale of $13,500.A gain on sale of $3,000.Neither a gain nor a loss is recognized on this transaction.