Question

11
Q.3:
fu
Following information is available for the
year
2018.
Rs.
Stock on 1/1/2018
7,960
Purchases during the year
26,200
Sales during the year
31,610
At the time of valuation of stock on 31.12.2017 a portion of the stock costing Rs. 1800 wa
valued at Rs. 1,560. One third of this stock was sold during the year 2018 for Rs. 610. Fin
out stock at cost as on 31.12.2018 assuming that the firm makes 25% profit on cost.​

Answer 1

Ans : Estimated closing stock = 9000

explain:

Memorandum Trading Account

for the period from 1/1/18 to 31/12/18

To op stock 7960 By sales 31600

less. abnormal line less sales of

of goods ( 1560). abnormal line

add.2/3 of stock. 1200. of goods. (610)

_____. ______

7600 31000

To. Purchase. 26200 By cl. stock 9000

To Gross profit. 6200.

(31000×25/125)

_______. _________

40000. 40000

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