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The ultimate answer depends upon whether the policy was issued on an "actual cash value"(ACV) basis or on a "replacement cost" basis. ACV takes into account the make, model, age and condition of the item in calculating value. In essence, it pays the depreciated value of the items. Replacement cost coverage generally pays for the replacement of a "like kind and quality" item at then-current prices.
All of this assumes that the fire was a covered cause of loss and that the insurer asserts no coverage defenses.
What else can I help you with?
How do you place a value on money?
By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it.
What is the meaning of cif value?
CIF value, or Cost, Insurance, and Freight value, refers to the total cost of goods that includes the price of the goods themselves, the insurance costs, and the freight charges for transporting the goods to a specified destination. This value is often used in international trade to determine the total expense incurred by the buyer before the goods reach their destination port. Understanding the CIF value is essential for calculating tariffs and customs duties in importing countries.
What does ciffo mean in the shipping terms?
In shipping terms, "CIF" stands for "Cost, Insurance, and Freight." It refers to a pricing structure where the seller is responsible for the costs of transporting goods to the buyer's destination, including insurance and freight charges. The seller must pay for the shipping and insurance until the goods reach the specified port of destination, after which the responsibility transfers to the buyer. This term is commonly used in international trade contracts.
What are the uses of statistics in accountancy?
statistic in accountancy helps in knowing the financial position of the business...it also helps in knowing the amount of goods sold ,purchase of the goods and profits of the company...
How do you calculate selling price if you know cost and gross profit percentage?
Selling price = Cost of goods sold + Gross profit percentage on sales
What is the journal entry of goods destroyed by rain 90000 insurance company admitted the claim?
The journal entry for goods destroyed by rain, with an insurance claim of 90,000 admitted by the insurance company, would involve recognizing the loss of the inventory and the insurance receivable. The entry would be: Debit "Loss from Inventory Write-off" for 90,000. Credit "Inventory" for 90,000. Debit "Insurance Receivable" for 90,000 when the claim is recognized. Credit "Insurance Income" for 90,000 once the claim is received. This reflects the loss of goods and the expected recovery from the insurance claim.
How to settle insurance claim caused by fire in respect of goods held in trust by a godown keeper?
fIRST THE GODOWN KEEPER HAS TO DISCHARGE HIS LIABILITY AS BAILEE THEN THE INSURANCE CLAIM CAN BE PAID
What is the accounting treatment for insurance claim for goods lost by fire?
Treatment of goods lost by fire etc. and insurance claim thereof :--Goods worth Rs. 10,000 lost by fire. Insurance claim is yet to be received for Rs. 6000.In this circumstance, goods worth Rs.10,000 (which is lost by fire) is to be credited in trading account separately ( not to be clubbed with closing stock).Then since Rs.6000/- is to be received by insurance claim. (so we are not received ,we have to receive)so this should be posted at asset side of the balance sheetRs.4000/- to be debited in profit loss account.(Because its a loss)
What happens if you can not claim damaged goods on insurance?
if you have an unisured loss - document and determine if it would be worthwhile to claim as a loss on your federal tax return
What is the journal entry of goods destroyed by fire rupees 12000 insurance company admitted the claim rupees 10000?
Dr Cr By: Loss by fire A/c 2000 By: Insurance Co A/c 10000 To: Goods destroyed by fir A/c 12000
How do you place a value on money?
By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it.
Calculate cost of goods sold?
To calculate the cost of goods you have to substract the gross profit from total sales.
What is goods in transit insurance?
Goods in transit insurance is, as it's name suggests, to cover any goods you may be carrying. If you want to know more, visit http://www.choicequote.co.uk/git/git-insurance-uk.asp or call ChoiceQuote Insurance on 0800 440 2180.
What is the importance of goods in transit?
Goods in Transit Insurance is required to be taken out by the shipper if the goods are of a high value. Normally the goods are covered for insurance by the haulier but only for a nominal value lets say 5 USD per kilo so this is why separate insurance can be required. A lot of freight companies have goods in transit insurance specifically for certain customers who have valuable high risk products such as sports goods or alcohol.
How do you calculate cost of goods sold with a mark up?
Calculate it, Idiot.
What is abnormal goods in context of fire insurence claims?
In homeowners insurance, abnormal goods are items not commonly found in most homes. For example, a large amount of professional photography equipment, or an amateur radio operator's communications equipment. Since these items are not very common in most homes, they are considered abnormal goods that, unless covered specifically by a rider, are not covered in homeowners insurance.
What companies that sell unsought goods?
insurance co.es sell unsought goods like insurance policies,because buyers do not normally think of buying such.
