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Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ?
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Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Har...
Calculation of Cost of Goods Sold
- Cost of 100 TV sets = Rs. 20,00,000 (100 x Rs. 20,000)
- Freight and cartage charges = Rs. 8,000 (Rs. 5,000 + Rs. 3,000)
- Total cost = Rs. 20,08,000
Calculation of Abnormal Loss
- Number of TV sets destroyed in transit = 10
- Number of TV sets delivered = 90
- Cost of each TV set = Rs. 20,000
- Total cost of 90 TV sets = Rs. 18,00,000
- Claim settled by insurance company = 70%
- Amount received from insurance company = 70% of Rs. 18,00,000 = Rs. 12,60,000
- Loss incurred due to destroyed TV sets = Cost of 10 TV sets - Amount received from insurance company = Rs. 4,40,000 (Rs. 2,00,000 + Rs. 2,40,000)
Explanation
- Abnormal loss is the loss incurred due to unforeseen events that are not part of normal business operations.
- In this case, 10 TV sets were destroyed in transit, which is an abnormal loss.
- The cost of these TV sets is Rs. 2,00,000 (10 x Rs. 20,000).
- The insurance company settled the claim for 70% of the cost of these TV sets, which is Rs. 1,40,000 (70% of Rs. 2,00,000).
- Therefore, the loss incurred due to the destroyed TV sets is Rs. 60,000 (Rs. 2,00,000 - Rs. 1,40,000).
- This loss is considered as abnormal loss and is excluded from the calculation of cost of goods sold.
- Cost of 100 TV sets = Rs. 20,00,000 (100 x Rs. 20,000)
- Freight and cartage charges = Rs. 8,000 (Rs. 5,000 + Rs. 3,000)
- Total cost = Rs. 20,08,000
Calculation of Abnormal Loss
- Number of TV sets destroyed in transit = 10
- Number of TV sets delivered = 90
- Cost of each TV set = Rs. 20,000
- Total cost of 90 TV sets = Rs. 18,00,000
- Claim settled by insurance company = 70%
- Amount received from insurance company = 70% of Rs. 18,00,000 = Rs. 12,60,000
- Loss incurred due to destroyed TV sets = Cost of 10 TV sets - Amount received from insurance company = Rs. 4,40,000 (Rs. 2,00,000 + Rs. 2,40,000)
Explanation
- Abnormal loss is the loss incurred due to unforeseen events that are not part of normal business operations.
- In this case, 10 TV sets were destroyed in transit, which is an abnormal loss.
- The cost of these TV sets is Rs. 2,00,000 (10 x Rs. 20,000).
- The insurance company settled the claim for 70% of the cost of these TV sets, which is Rs. 1,40,000 (70% of Rs. 2,00,000).
- Therefore, the loss incurred due to the destroyed TV sets is Rs. 60,000 (Rs. 2,00,000 - Rs. 1,40,000).
- This loss is considered as abnormal loss and is excluded from the calculation of cost of goods sold.
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Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ?
Question Description
Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ?.
Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ?.
Solutions for Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ? in English & in Hindi are available as part of our courses for B Com.
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Here you can find the meaning of Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ? defined & explained in the simplest way possible. Besides giving the explanation of
Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ?, a detailed solution for Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ? has been provided alongside types of Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ? theory, EduRev gives you an
ample number of questions to practice Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred ge: Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of one TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for a 9 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss. ? tests, examples and also practice B Com tests.
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