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Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss?
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Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each pac...
Abnormal Loss
Abnormal loss refers to the loss of goods during transit or storage that is beyond the normal or expected level. It is an unexpected loss that occurs due to unforeseen circumstances. In this case, Mr. Y consigned 800 packets of toothpaste to Z, but five packets were lost on the way. This loss is considered an abnormal loss as it is beyond the normal level of loss that is expected during transit.
Calculating the Abnormal Loss
To calculate the abnormal loss, we need to consider the total consignment and the number of packets lost.
Total consignment: 800 packets
Packets lost: 5 packets
Abnormal loss = (Number of packets lost / Total consignment) * 100
Abnormal loss = (5 / 800) * 100
Abnormal loss = 0.625%
Therefore, the abnormal loss in this case is 0.625%.
Claim with Insurance Company
Mr. Y lodged a claim with the insurance company for the lost packets. He was able to get 80% of the claim amount on an average basis. Let's calculate the claim amount.
Claim amount = Cost price per packet * Number of packets lost
Claim amount = `900 * 5
Claim amount = `4,500
Insurance claim = Claim amount * Claim percentage
Insurance claim = `4,500 * 80%
Insurance claim = `3,600
Therefore, Mr. Y received a claim amount of `3,600 from the insurance company.
Payment by Consignee
Z, the consignee, paid 40% of the total amount by cheque. Let's calculate the payment made by Z.
Total amount = Cost price per packet * Total consignment
Total amount = `900 * 800
Total amount = `720,000
Payment by cheque = Total amount * Payment percentage
Payment by cheque = `720,000 * 40%
Payment by cheque = `288,000
Therefore, Z made a payment of `288,000 by cheque.
Other Expenses
Apart from the payment made by cheque and the insurance claim, there are other expenses involved. Z spent `39,950 as non-recurring expenses and `22,500 as recurring expenses.
Total expenses = Payment by cheque + Insurance claim + Non-recurring expenses + Recurring expenses
Total expenses = `288,000 + `3,600 + `39,950 + `22,500
Total expenses = `354,050
Therefore, the total expenses incurred in this case is `354,050.
Conclusion
In conclusion, Mr. Y faced an abnormal loss of 0.625% as five packets were lost during transit. He lodged a claim with the insurance company and received `3,600 as compensation. Z, the consignee, made a payment of `288,000 by cheque. Additionally, there were other expenses amounting to `354,050.
Abnormal loss refers to the loss of goods during transit or storage that is beyond the normal or expected level. It is an unexpected loss that occurs due to unforeseen circumstances. In this case, Mr. Y consigned 800 packets of toothpaste to Z, but five packets were lost on the way. This loss is considered an abnormal loss as it is beyond the normal level of loss that is expected during transit.
Calculating the Abnormal Loss
To calculate the abnormal loss, we need to consider the total consignment and the number of packets lost.
Total consignment: 800 packets
Packets lost: 5 packets
Abnormal loss = (Number of packets lost / Total consignment) * 100
Abnormal loss = (5 / 800) * 100
Abnormal loss = 0.625%
Therefore, the abnormal loss in this case is 0.625%.
Claim with Insurance Company
Mr. Y lodged a claim with the insurance company for the lost packets. He was able to get 80% of the claim amount on an average basis. Let's calculate the claim amount.
Claim amount = Cost price per packet * Number of packets lost
Claim amount = `900 * 5
Claim amount = `4,500
Insurance claim = Claim amount * Claim percentage
Insurance claim = `4,500 * 80%
Insurance claim = `3,600
Therefore, Mr. Y received a claim amount of `3,600 from the insurance company.
Payment by Consignee
Z, the consignee, paid 40% of the total amount by cheque. Let's calculate the payment made by Z.
Total amount = Cost price per packet * Total consignment
Total amount = `900 * 800
Total amount = `720,000
Payment by cheque = Total amount * Payment percentage
Payment by cheque = `720,000 * 40%
Payment by cheque = `288,000
Therefore, Z made a payment of `288,000 by cheque.
Other Expenses
Apart from the payment made by cheque and the insurance claim, there are other expenses involved. Z spent `39,950 as non-recurring expenses and `22,500 as recurring expenses.
Total expenses = Payment by cheque + Insurance claim + Non-recurring expenses + Recurring expenses
Total expenses = `288,000 + `3,600 + `39,950 + `22,500
Total expenses = `354,050
Therefore, the total expenses incurred in this case is `354,050.
Conclusion
In conclusion, Mr. Y faced an abnormal loss of 0.625% as five packets were lost during transit. He lodged a claim with the insurance company and received `3,600 as compensation. Z, the consignee, made a payment of `288,000 by cheque. Additionally, there were other expenses amounting to `354,050.
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Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss?
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Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss?.
Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss?.
Solutions for Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss? defined & explained in the simplest way possible. Besides giving the explanation of
Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss?, a detailed solution for Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss? has been provided alongside types of Mr. Y consigned 800 packets of toothpaste to Z. Cost price of each packet was `900. Mr. Y spent `15,000 as cartage, freight, insurance and forwarding charges. Z paid 40% amount by cheque. Five packets were lost on the way and Mr. Y lodged claim with the insurance company and could get 80% as claim on average basis. Consignee took delivery of the rest of the packets and spent `39,950 as other non-recurring expenses and `22,500 as recurring expenses. Calculate abnormal loss? theory, EduRev gives you an
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