Question

30-In the burglary at a godown of Bharat Goel on the night of 14" July, 2016 part of the stock was stolen.From the following particulars, find out the value of loss of stock by theft.Stock on 1' April, 20161,20,000Purchases from 1s' April to 14 July, 2016 8,20,000Sales from 1 April to 14 July, 2016 12,00,000Stock remaining after burglary24.000The normal rate of gross profit for his business is 30% of selling price.​

Answer 1

Answer:

THERE IS WRONG IN THE QUESTION

Answer 2

Value of Loss of stock should be Rs.76,000

Explanation:

                                   Memorandum Trading A/c

Particulars             Amount(Rs.)            Particulars           Amount(Rs.)

To Opening stock   1,20,000             By Sales                    12,00,000

To Purchases          8,20,000            By Closing Stock      1,00,000

                                                             (Bal. fig.)

To Gross Profit       3,60,000

($\dfrac{30}{100} \times$ of SP)        

                                                                                                                           

                             13,00,000                                                   13,00,000

                                                                                                                               

Value of Loss of stock should be Rs.76,000.

*Memorandum Trading A/c is just a sample or rough Trading A/c prepared by the Insurance Company agent in order to calculate the amount of Loss of stock or Loss of Profits.

In the given case,the Closing stock from 1st April to 14th July,2016 was supposed to be of Rs.1,00,000 but on 14th July only Rs.24,000 worth of closing stock was left.

Therefore,Loss of stock = $1,00,000 - 24,000$ = Rs.76,000.