Reference no: EM13922204
Nyumba Safi Ltd. operates a housing development project. There was a fire on its premises on 31 January 2000 which destroyed most of the building, although stock to the value of Sh.3,960,000 was salvaged. The company has an insurance policy (with suitable average clauses) covering stock for Sh.600,000,000, buildings for Sh.800,000,000 and loss of profits (including standing charges for Sh.250,000,000 with a six months indemnity period).
An extract of the company's trading profit and loss account for the year ended 31 December 1999 is as shown below:
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Sh.'000'
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Sh.'000'
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Opening stock
Purchases: materials
Insured standing charges
Other expenses
Net profit for the year
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412,500
1,812,500
167,500
80,000
57,500
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Sales of houses
Closing stock
Interest on investment
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2,000,000
525,000
5,000
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Additional information:
1. The company's records show that the sale of housing units for January 2000 had been the same as for the corresponding month in the previous year at Sh.100 million.
2. Payments to creditors were Sh.106,680,000 and Sh.3,320,000 was owing to creditors at the end of January 2000.
3. Business was disrupted until the end of April 2000 during which period turnover fell by Sh.180 million compared to the same period last year.
4. It was agreed that ¾ of the value of buildings had been lost and that at the time of fire, buildings were worth Sh.1,000 million.
Required:
Ascertain the amount of various claims to be submitted to the insurers
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