UPSC Exam  >  UPSC Questions  >  On 10th Oct., 2023, the fire occurred in the ... Start Learning for Free
On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent
of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for
Rs.50,000. From the following figures, ascertain the loss suffered by Hari :
Rs.
Stock on 1st January, 2022 72,000
Purchases less return during 2022 2,80,000
Sales less return during 2022 4,00,000
Stock on 31st December, 2022 45,000
Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000
Sales less returns from 1st Jan., 2023 to date of fire 3,20,000?
Most Upvoted Answer
On 10th Oct., 2023, the fire occurred in the premises of Hari. All sto...
Calculation of Stock Value
To ascertain the loss suffered by Hari, we need to calculate the value of stock at the time of the fire.
Stock Calculation from Previous Years
- Stock on 1st January, 2022: Rs. 72,000
- Purchases during 2022: Rs. 2,80,000
- Stock on 31st December, 2022: Rs. 45,000
- Closing Stock Calculation for 2022:
Opening Stock + Purchases - Sales = Closing Stock
Rs. 72,000 + Rs. 2,80,000 - Rs. 4,00,000 = Rs. 52,000 (Stock at end of 2022)
Stock Calculation from January 2023 to Date of Fire
- Purchases from 1st Jan., 2023 to date of fire: Rs. 2,92,000
- Sales from 1st Jan., 2023 to date of fire: Rs. 3,20,000
- Closing Stock Calculation for 2023:
Previous Closing Stock (End of 2022) + Current Purchases - Current Sales
Rs. 52,000 + Rs. 2,92,000 - Rs. 3,20,000 = Rs. 24,000
Stock Valuation and Loss Calculation
- Valued at Cost less 10%:
Rs. 24,000 - 10% = Rs. 21,600
- Actual Value of Stock Destroyed:
Rs. 24,000 - Rs. 12,400 = Rs. 11,600
Insured Amount
- Insurance Amount: Rs. 50,000
Loss Calculation
- Total Loss:
Value of Stock Destroyed (Rs. 11,600) - Insurance Claim (Rs. 50,000) = Loss of Rs. 11,600
Conclusion
Hari suffered a loss of Rs. 11,600 due to the fire incident, which is covered by the insurance policy.
Explore Courses for UPSC exam

Similar UPSC Doubts

Top Courses for UPSC

On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for Rs.50,000. From the following figures, ascertain the loss suffered by Hari : Rs. Stock on 1st January, 2022 72,000 Purchases less return during 2022 2,80,000 Sales less return during 2022 4,00,000 Stock on 31st December, 2022 45,000 Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000 Sales less returns from 1st Jan., 2023 to date of fire 3,20,000?
Question Description
On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for Rs.50,000. From the following figures, ascertain the loss suffered by Hari : Rs. Stock on 1st January, 2022 72,000 Purchases less return during 2022 2,80,000 Sales less return during 2022 4,00,000 Stock on 31st December, 2022 45,000 Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000 Sales less returns from 1st Jan., 2023 to date of fire 3,20,000? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for Rs.50,000. From the following figures, ascertain the loss suffered by Hari : Rs. Stock on 1st January, 2022 72,000 Purchases less return during 2022 2,80,000 Sales less return during 2022 4,00,000 Stock on 31st December, 2022 45,000 Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000 Sales less returns from 1st Jan., 2023 to date of fire 3,20,000? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for Rs.50,000. From the following figures, ascertain the loss suffered by Hari : Rs. Stock on 1st January, 2022 72,000 Purchases less return during 2022 2,80,000 Sales less return during 2022 4,00,000 Stock on 31st December, 2022 45,000 Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000 Sales less returns from 1st Jan., 2023 to date of fire 3,20,000?.
Solutions for On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for Rs.50,000. From the following figures, ascertain the loss suffered by Hari : Rs. Stock on 1st January, 2022 72,000 Purchases less return during 2022 2,80,000 Sales less return during 2022 4,00,000 Stock on 31st December, 2022 45,000 Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000 Sales less returns from 1st Jan., 2023 to date of fire 3,20,000? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for Rs.50,000. From the following figures, ascertain the loss suffered by Hari : Rs. Stock on 1st January, 2022 72,000 Purchases less return during 2022 2,80,000 Sales less return during 2022 4,00,000 Stock on 31st December, 2022 45,000 Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000 Sales less returns from 1st Jan., 2023 to date of fire 3,20,000? defined & explained in the simplest way possible. Besides giving the explanation of On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for Rs.50,000. From the following figures, ascertain the loss suffered by Hari : Rs. Stock on 1st January, 2022 72,000 Purchases less return during 2022 2,80,000 Sales less return during 2022 4,00,000 Stock on 31st December, 2022 45,000 Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000 Sales less returns from 1st Jan., 2023 to date of fire 3,20,000?, a detailed solution for On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for Rs.50,000. From the following figures, ascertain the loss suffered by Hari : Rs. Stock on 1st January, 2022 72,000 Purchases less return during 2022 2,80,000 Sales less return during 2022 4,00,000 Stock on 31st December, 2022 45,000 Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000 Sales less returns from 1st Jan., 2023 to date of fire 3,20,000? has been provided alongside types of On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for Rs.50,000. From the following figures, ascertain the loss suffered by Hari : Rs. Stock on 1st January, 2022 72,000 Purchases less return during 2022 2,80,000 Sales less return during 2022 4,00,000 Stock on 31st December, 2022 45,000 Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000 Sales less returns from 1st Jan., 2023 to date of fire 3,20,000? theory, EduRev gives you an ample number of questions to practice On 10th Oct., 2023, the fire occurred in the premises of Hari. All stock except to the extent of Rs. 12,400 were destroyed. Hari value the stock at cost less 10%. Stock was insured for Rs.50,000. From the following figures, ascertain the loss suffered by Hari : Rs. Stock on 1st January, 2022 72,000 Purchases less return during 2022 2,80,000 Sales less return during 2022 4,00,000 Stock on 31st December, 2022 45,000 Purchases less returns from 1st Jan., 2023 to date of fire 2,92,000 Sales less returns from 1st Jan., 2023 to date of fire 3,20,000? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev