Question

c.
The Statement Of Profit or Loss of Miss. Sonika showed a net profit of Rs. 60,000, after
considering the closing stock of Rs. 37,500 on 31" March, 2007. Subsequently the following
information was obtained from scrutiny of the books:
a. Purchases for the year included Rs. 1,500 paid for new electric fittings for the shop.
b. Miss. Sonika gave away goods valued at Rs. 4,000 as free samples for which no entry
was made in the books of accounts.
Invoices for goods amounting to Rs. 25,000 have been entered in purchases book on 27th
March, 2007, but the goods were not included in stock.
d. In March, 2007 goods of Rs. 20,000 sold and delivered were taken in the sales for April,
2007.
e. Goods costing Rs. 7,500 were sent on sale or return basis in March, 2007 at a margin of
profit of 1/3 on cost. Though approval was given in April 2007, these were taken as
sales for March, 2007.
Calculate the value of stock on 31st March 2007 and the adjusted net profit for the year
ended on that date.​

Answer 1

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