INSURANCE CLAIM

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anil kumar pugalia (Querist)
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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.

CA.Mini

CA.Mini (Expert)
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13 September 2010 value of goods=10,00,000
less:
undamaged goods=200,000
value of goods
retrieved =1,15,000

value of damaged goods=6.85 lacs
value of insurace claim=900,000/10,00,000*6.85=6.165 lacs