Getting a good and straight hang of how to calculate my gross profit% has really been no picnic for me.It's been so difficult that i sometimes have to recline to arbitrary gross profit%.
Although I have been doing well with calculating my consequential losses,but calculating my claim from insurance whenever there is write down in stock value has been a ball and chain.
Will be really grateful if anyone can assist me with how to calculate my claim and most importantly when there is write down in stock value and what underlies it.Thank you...
You might need to have another go at explaining that stating what exactly your problem is without so many filler words (good and straight, no picnic, ball and chain???? which are to my mind at least hiding what the actual question is)
Explain what your problem is, why you think that it s a problem, what help that you need.
Also, the concept of claiming against insurance for a deteriorating stock valuation seemes somewhat strange to me. (That seems to be what you are indicating rather than damage, theft or destruction of inventory for which insurance is more commonly available (and affordable)).
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
There is still a bit of confusion around this question, the part about 'determining your stock loss' - do you know what stock you had before the fire and is there any left? Or was a stock take not done for a while? I am assuming you are looking for the stock adjustments in terms of Accounting procedures, rather than from the point of view of actually claiming under your insurance policy?
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
One assumes you look at what's been burnt and value it using the purchase invoices? Anyone I know that has suffered a break in, or some form of event that requires an insurance claim, usually works with the insurance company, and a loss adjuster comes? Best idea is to chat with your insurers
-- Edited by FoxAccountancyServices on Tuesday 24th of March 2015 01:13:52 PM
