Question

Chetan Ltd. recorded the following information as on March 31, 2010: Stock (1-4-2009) Rs. 40,000 Purchases Rs. 80,000 Sales Rs. 1,00,000 It is noticed that goods worth Rs. 30,000 were destroy due to fire against this, the insurance company accepted a claim of Rs. 14,000. The company sells goods at cost plus 33.33% . The value of closing Inventories, after taking into account the above transaction is : (a) Rs. 75,000 (b) Rs. 15,000 (c) Rs. 25,000 (d) Rs. NIL

Answer 1

a. RS 75,000 is the correct answer