Archive about 'Insurance Claims'
Insurance Claim:Loss On Stocks Claims
How to compute Loss On Stock Claims
1. Draw up an estimated Trading Account for the period
2. The average gross profit % on turnover for the past years will be ascertained and this rate is use to calculate the estimated gross profit on the sales for the period under review.
3. The balance on the Trading Account will [...]
Answer To Accounting Test Question SWO No. 1 On Stock Loss
Answer to Accounting Test Question SWO No.1:
Answer to Question A:
(A ii) Computation of Adjusted Value of Wintner’s stock at 31 March 2006
$
$
Balance of stock
64,670
Add: goods purchased
2,830
Goods returns (100/125 x $180)
144
2,974
67,644
Less: Credit sales (100/125 x $2,120)
1,696
Cash sales (100/125 x$1,320)
1,056
Goods returned to supplier
450
3,202
Adjusted stock value
64,442
Answer A (ii)
Adjusted stock value
64,442
Less: reduce in stock value ($3,000-$2,500)
500
Revised stock value
63,942
From the [...]
Accounting Test Question SWO No. 1 On Stock Loss
Accounting Test Question SWO No 1:
Question A:
Wintner Stores, whose financial year ends on 31 March, took stock on 26 March 2006. The stock on that date was valued at cost $64,670. Wintner added 25% to cost to obtain the selling price in the year ended 31 March 2006
Between 26 March and 31 March 2006, the [...]
Accounting For Stock Loss
Stock Loss is simply the discrepancy/difference between actual physical stock value compared to book value of stock.
Stock loss is normally incurred when stock is lost in a fire or stolen/pilferage.
Accounting Treatment of Stock Loss:
Computation of Stock Loss Figure:
Opening stock $X
Add: Purchase $X
Goods Available for sale $X
Less: Cost of sales ($X)
Closing Stock $X
Less:Physical [...]
March 13, 2010
- In Accounting, Explain What Is Recoverable Amount
- In Accounting, What Do We Mean By Retained Profits
February 28, 2010
- What are the Accounting Treatment and give examples of Non-Adjusting Events After The Balance Sheet Date
- Please Explain What Are The Underlying Accounting Principles That At Least Need To Be Follow When Presenting Financial Statements under FRS 101
January 27, 2010
January 25, 2010


