Title On 1st April 2015, the stock of Shri Ramesh was destroyed by fire but sufficient records were saved. Description On 1st April 2015, the

Title On 1st April 2015, the stock of Shri Ramesh was destroyed by fire but sufficient records were saved. Description On 1st April 2015, the stock of Shri Ramesh was destroyed by fire but sufficient records were saved from which following particulars were ascertained: (all figures in ~) Stock at cost 1st January 2014 Stock at cost 31st December 2014 Purchases for the year ended 31st December 2014 73,500 79,600 3,98,000 Sales for the year ended 31st December 2014 Purchases from January 1 to March 31 2015 Sales from January 1 to March 31 2015 4,87,000 1,62,000 2,31,200 In valuing the stock for the Balance Sheet at 31st December 2014, ~ 2,300 had been written-off on certain stock which was a poor selling line having cost ~ 6,900. A portion of these goods was sold in March 2015 at a loss of ~ 250 on the original cost of ~ 3,450. The remainder of this stock is now estimated to be worth its original cost. Subject to the above exception, gross profit had remained at a uniform rate throughout the year. The value of stock salvaged was ~ 5,800. The insurance policy was for ~ 50,000 and was subject to the average clause. Work out the amount of the claim of loss by fire.

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