Question

3. LATEST F.Y.B.A.F. UNIVERSITY EXAM QUESTIONS Illustration 10 : Ascertain the cost of purchase by using the following data : 1. Cost of purchase of inventory 2. Duties and Taxes paid and recoverable from Tax authorities 3. Trade Discount 4. Duties and Taxes paid and not recoverable 5. Freight inward Solution : 5.50 lakhs 0.50 lakhs 0.50 lakhs 1.00 lakhs 2.00 lakhs (FYBAF, Nov. 2017, adapted) Particulars in lakhs in lakhs 5.50 1.00 2.00 Cost of Purchase Duties and Taxes paid and not recoverable Freight Inward Total Less : Duties and Taxes paid and recoverable from Tax Authorities Trade Discount Total Cost of Purchase [vide AS-2] 8.50 0.50 0.50 1.00 7.50 Working Note: It is assumed that Cost of Purchase (5.50) excludes Taxes paid, but not recoverable (1.00); but includes Taxes paid, and recoverable (0.50) and Trade discount (0.50).​

Answer 1

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