13 September 2010
WHAT WILL BE ACCOUNTING TREATMENT IF THE GOODS LOST BY FIRE ALSO HAVE A VALUE AFTER BEING DAMAGED? FOR EXAMPLE :- FIRE OCCURED IN THE GODOWN OF X ON 01.01.2009, VALUE OF GOODS AS ON 01.01.2009 = 10,00,000/- , COST OF GOODS WHICH REMAIN UNDAMAGED = 2,00,000/-, VALUE PLACED ON GOODS RETRIEVED IN A DAMAGED CONDITION = 1,15,000/-, X HAS INSURED HIS STOCK FOR 9,00,000/-. COMPUTE THE AMOUNT OF INSURANCE CLAIM.
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