IPCC/Accounts/Insurance Claim/Query

IPCC 1448 views 3 replies

To Opening Stock
20,000
By Sales
10,00,000
To Purchases
6,50,000
By Closing Stock
90,000
To Manufacturing Expenses
1,70,000
 
 
To Gross Profit
2,50,000
 
 
 
10,90,000
 
10,90,000
 
 
 
 
To Administration Expenses
80,000
By Gross Profit
2,50,000
To Selling Expenses
20,000
 
 
To Finance Charges
1,00,000
 
 
To Net Profit
50,000
 
 
 
2,50,000
 
2,50,000

 

I am trying to solve a problem from Insurance Claim (IPCC, Accounts).Can someone please tell me which items would be insured standing charges and which items would be uninsured standing charges ?

Replies (3)

the question is incomplete if the insured expenses are not expressely stated in question and the assumpition can not be taken therefore in second step while calculating GP ratio ignore the insured expense.

the question is incomplete if the insured expenses are not expressely stated in question and the assumpition can not be taken therefore in second step while calculating GP ratio ignore the insured expense.

Insured charges refers to charges which are fixed in nature.  In the question adminexpenses and financial charges are fixed and are called as fixed insured charges.                                                                                                         


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