Question

A fire occurred in the premises
of a merchant on 15.6.89 and a considerable part of the stock was destroyed. The value of stock saved was Rs. 4,500. The books disclosed that on 1.4.89 the stock was valued at Rs. 36,750. The purchases to the date of the fire amounted to Rs. 1,04,940 and the sales Rs. 1,56,500. On investigation it was found that during the past five years the average gross profit on sales was 36%. Calculate the claim to be made ​

Answer 1

Answer:

Claim = Rs.37030/-

Explanation:

Stock value as on 1.4.89 = Rs.36750

Add Purchases               = Rs.104940

Sales = 156500

Gross profit on sales = 36% on sales = 36/100 * 156500 = 56340

Sales - Gross profit =  cost of sales = 156500 - 56340 = 100160

Op.stock + purchases - cost of sales = closing stock

36750 + 104940 - 100160 = 41530 = closing stock

claim to be made = closing stock - stock salvaged

= 41530 - 4500 = Rs.37030/-