Question

7. M/s X, Y and Z are in retail business, following information are obtained from their records
for the year ended 31st March, 2016:
Goods received from suppliers (subject to trade discount
and taxes)
15,75,500
Trade discount 3% and sales tax 11% Packaging and
transportation charges
87,500
Sales during the year
22,45,500
Sales price of closing inventories
2,35,000
Find out the historical cost of inventories using adjusted selling price method.​

Answer 1

Answer:

(iii) Trade discount is recorded in the books of original entry. ... Goods are sold at a profit of 25% on cost. On 27th. March ... During the year ended 31st March, 2016, IDFC Bank Ltd.