Learn how to calculate the insurance claim amount for loss of stock by fire with this complete fire insurance claim accounting course. You'll understand the concept of a fire insurance claim for loss of stock, how to prepare past years' trading accounts and find the gross profit ratio, and how to prepare a Memorandum Trading Account to determine the stock on the date of fire. The course covers finding missing figures when accounting records are also damaged, the treatment of abnormal goods and abnormal sales, various adjustments in stock, purchases, and sales, calculating the actual loss suffered, and finding the claim amount for goods fully or partially insured, including the application of the Average Clause in cases of underinsurance. With clear explanatory videos and problem-solving sessions covering every variety of adjustment, it makes a tricky topic easy to master. No prior knowledge required.

Key Highlights:

• Complete fire insurance claim accounting course (loss of stock by fire)
• Memorandum Trading Account and gross profit ratio
• Finding missing figures and treating abnormal goods and sales
• Claim amount for fully and partially insured goods
• Application of the Average Clause, with problem-solving sessions and a course completion certificate

What you'll learn:

• Concept of the fire insurance claim for loss of stock
• Preparation of past years' Trading Account and Gross Profit Ratio
• Preparation of the Memorandum Trading Account to find stock on the date of fire
• Finding missing figures when accounting records are damaged
• Treatment of abnormal goods and abnormal sales
• Various adjustments in stock, purchases, and sales
• Calculation of actual loss suffered
• Claim amount for goods fully or partially insured
• Application of the Average Clause in case of underinsurance

Who this course is for:

• B.Com, CA, and CMA students studying fire insurance claims
• Students and professionals studying financial accounting
• Anyone wanting in-depth knowledge of fire insurance claim accounting (no prior experience needed)