UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Treatment of Insurance Claims , Reserve Fund & Goods Distributed
Treatment of Insurance Claims , Reserve Fund & Goods Distributed Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Treatment of Insurance Claims , Reserve Fund & Goods Distributed Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. How are insurance claims treated in final accounts? |  |
Ans. Insurance claims are treated as follows in final accounts - if the claim is related to loss of stock, it is deducted from the value of closing stock, if it is related to loss of assets, it is deducted from the value of the asset, and if it is related to loss of profit, it is shown on the credit side of profit and loss account.
| 2. What is the purpose of a reserve fund in final accounts? | |
Ans. A reserve fund is created to provide financial stability to a business by setting aside a portion of profits for future use. It can be used to cover unexpected expenses, fund expansion projects, or to distribute as dividends during lean periods.
| 3. How should goods distributed as samples be accounted for in final accounts? | |
Ans. Goods distributed as samples should be treated as a business expense and shown on the debit side of the profit and loss account. The value of the goods distributed should be deducted from the value of closing stock to reflect the true profit of the business.
| 4. Can insurance claims be included as income in final accounts? | |
Ans. No, insurance claims cannot be included as income in final accounts as they are meant to compensate for losses incurred by the business. Including insurance claims as income would overstate the profit of the business.
| 5. What is the impact of insurance claims on the overall financial position of a business in final accounts? | |
Ans. Insurance claims help to mitigate the impact of losses on the financial position of a business by providing compensation for the losses incurred. This helps to maintain the financial stability of the business and ensures that it can continue to operate effectively.
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Nov 22, 2024 Last updated |
Video Description: Treatment of Insurance Claims , Reserve Fund & Goods Distributed for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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