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Computation of closing stock

Shunmugam Thangakutti (23 Points)

09 February 2019

How to compute closing stock in imsurance claim, when the goods are sold at two different gross profit percentage??

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satish (teaching) (2046 Points)
Replied 10 February 2019

under insurance claims, closing stock is the balancing figure. so you need to assessed the gross profit on sales.

Yash soni (...) (74 Points)
Replied 10 February 2019

compute gross profit for the period ending on the date of fire and then closing stock will be the balancing figure......No need to worry about different GP Rates, unless such goods form part of opening or closing stock.

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