2.
(a) A trader prepared his accounts on 31st March, each year. Due to some unavoidable reasons, no
stock taking could be possible till 15th April, 2020 on which date the total cost of goods in his
godown came to Rs. 50,000. The following facts were established between 314 March and
15th April, 2020
(1) Sales Rs. 41,000 (including cash sales Rs. 10,000
(ii) Purchases Rs. 5,034 (including cash purchases Rs. 1,990)
(i) Sales Return Rs. 1,000.
(iv) On 15th March, goods of the sale value of Rs. 10,000 were sent on sale or return basis to a
customer, the period of approval being four weeks. He returned 40% of the goods on
10th April, approving the rest, the customer was billed on 16th April
(v) The trader had also received goods costing Rs. 8.000 in March, for sale on consignment
basis, 20% of the goods had been sold by 31st March, and another 50% by 15th April These
sales are not included in above sales
Goods are sold by the trader at a profit of 20% on sales
you are required to ascertain the value of inventories as on 31 March 2020
Answers
Answer:
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Value of Inventory is Rs. 79,366
Explanation:
Value of Stock as on 15th April, 2020 50,000
Add: Cost of sales from 31st March, 2020
to 15th April, 2020
Sales (41,000 - 1,000) 40,000
Less: Gross Profit (20% of 40,000) (8000) 32,000
Cost of goods sent on approval basis
(80% of 6,000) 4,800
86,800
Less: Purchase from 31st March, 2020
to 15th April, 2020 5,034
Unsold stock out of goods received
on consignment basis (30% of 8,000) 2400 7,434
79,366
⇒ Value of Inventory is Rs. 79,366