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Goods costing 15000 of selling price 20000 were lost by theft and insurance company did not accepted the claim by 30%of loss?
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Goods costing 15000 of selling price 20000 were lost by theft and insu...
**Explanation:**
**1. Cost and Selling Price:**
- The goods in question have a cost of 15000 and a selling price of 20000.
- The cost represents the amount of money spent to acquire the goods, while the selling price is the amount at which the goods are sold to customers.
**2. Theft and Loss:**
- The goods were lost due to theft, which means they were unlawfully taken from the owner without their consent.
- As a result, the owner incurred a loss equal to the cost of the goods, which is 15000.
**3. Insurance Claim:**
- The owner had an insurance policy in place to protect their goods from unforeseen events such as theft.
- However, the insurance company did not accept the claim for the loss.
- The reasons for the insurance company's denial could vary and would need to be investigated further.
- It's possible that the insurance policy had certain conditions or exclusions that were not met in this particular case.
- It could also be due to insufficient evidence or documentation provided by the owner to support their claim.
**4. Insurance Company's Decision:**
- The insurance company denied 30% of the loss, which means they did not provide coverage for that portion of the claim.
- This implies that the insurance company only agreed to cover 70% of the loss, or 70% of the cost of the goods (70% of 15000 = 10500).
- Therefore, the insurance company would only provide compensation for 10500, leaving the owner responsible for the remaining 4500.
**5. Possible Reasons for the Insurance Company's Decision:**
- The insurance company's decision to deny a portion of the claim could be based on various factors such as:
- Policy conditions: The insurance policy might have specific conditions that were not met by the owner.
- Coverage limits: The policy might have a maximum coverage limit, and the loss could have exceeded that limit.
- Deductible: The policy could have a deductible, which means the owner is responsible for a certain amount before the insurance coverage kicks in.
- Exclusions: The policy might include exclusions for certain types of losses, and the theft in question could fall under one of those exclusions.
- Lack of evidence: The owner might not have provided sufficient evidence or documentation to support their claim, leading to the denial.
In conclusion, the owner incurred a loss of 15000 due to the theft of goods costing 20000. However, the insurance company denied 30% of the claim, leaving the owner responsible for 4500. The specific reasons for the insurance company's decision would need to be further investigated, taking into account factors such as policy conditions, coverage limits, deductibles, exclusions, and evidence provided.
**1. Cost and Selling Price:**
- The goods in question have a cost of 15000 and a selling price of 20000.
- The cost represents the amount of money spent to acquire the goods, while the selling price is the amount at which the goods are sold to customers.
**2. Theft and Loss:**
- The goods were lost due to theft, which means they were unlawfully taken from the owner without their consent.
- As a result, the owner incurred a loss equal to the cost of the goods, which is 15000.
**3. Insurance Claim:**
- The owner had an insurance policy in place to protect their goods from unforeseen events such as theft.
- However, the insurance company did not accept the claim for the loss.
- The reasons for the insurance company's denial could vary and would need to be investigated further.
- It's possible that the insurance policy had certain conditions or exclusions that were not met in this particular case.
- It could also be due to insufficient evidence or documentation provided by the owner to support their claim.
**4. Insurance Company's Decision:**
- The insurance company denied 30% of the loss, which means they did not provide coverage for that portion of the claim.
- This implies that the insurance company only agreed to cover 70% of the loss, or 70% of the cost of the goods (70% of 15000 = 10500).
- Therefore, the insurance company would only provide compensation for 10500, leaving the owner responsible for the remaining 4500.
**5. Possible Reasons for the Insurance Company's Decision:**
- The insurance company's decision to deny a portion of the claim could be based on various factors such as:
- Policy conditions: The insurance policy might have specific conditions that were not met by the owner.
- Coverage limits: The policy might have a maximum coverage limit, and the loss could have exceeded that limit.
- Deductible: The policy could have a deductible, which means the owner is responsible for a certain amount before the insurance coverage kicks in.
- Exclusions: The policy might include exclusions for certain types of losses, and the theft in question could fall under one of those exclusions.
- Lack of evidence: The owner might not have provided sufficient evidence or documentation to support their claim, leading to the denial.
In conclusion, the owner incurred a loss of 15000 due to the theft of goods costing 20000. However, the insurance company denied 30% of the claim, leaving the owner responsible for 4500. The specific reasons for the insurance company's decision would need to be further investigated, taking into account factors such as policy conditions, coverage limits, deductibles, exclusions, and evidence provided.
Community Answer
Goods costing 15000 of selling price 20000 were lost by theft and insu...
Insurance claim A/c Dr. 10500; P/L A/c Dr. 4500 To Loss by theft A/c 15000
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Goods costing 15000 of selling price 20000 were lost by theft and insurance company did not accepted the claim by 30%of loss?
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Goods costing 15000 of selling price 20000 were lost by theft and insurance company did not accepted the claim by 30%of loss? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Goods costing 15000 of selling price 20000 were lost by theft and insurance company did not accepted the claim by 30%of loss? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods costing 15000 of selling price 20000 were lost by theft and insurance company did not accepted the claim by 30%of loss?.
Goods costing 15000 of selling price 20000 were lost by theft and insurance company did not accepted the claim by 30%of loss? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Goods costing 15000 of selling price 20000 were lost by theft and insurance company did not accepted the claim by 30%of loss? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods costing 15000 of selling price 20000 were lost by theft and insurance company did not accepted the claim by 30%of loss?.
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