Question

9. You are taking stock at your business as at 31st December, 2009. The actual date on which
the stock was taken was 7th January, 2010. The stock sheets show a total of
Rs. 85,980 at cost on that date. You are to adjust this figure to find the stock as at 31st
December, 2009.
The rate of gross profit was 25% on selling price. On further scrutining you find :
(a) Goods received after 1st January and for which invoices bear the date of January
amounted to Rs. 3,987.
(b) You notice that one of the stock sheets has been added up to give a total of
Rs. 4,897 instead of Rs. 4,798.
(c) Goods selling at Rs. 480 had been sent to a customer on sale or return during
December. These had not been sold by the customer, and they had been omitted from
the stock figures.
(d) An item of 360 articles priced at Rs. 1.60 each had been extended on the stock sheets
as Rs. 420.
(e) Goods had been returned to suppliers amounting to Rs. 98 during the first week of
January​

Answer 1

Explanation:

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