Question

Consider the following information pertaining to G & Sons as on March 31, 2011:
Particulars
Rs.
Opening inventory
15,00,000
Purchases during the year 2014-15
45,00,000
Sales during the year 2014-15
50,00,000
As per physical inventory taken on March 31, 2015 the closing inventory was Rs.20,90,000. Gross
profit on sales has remained constant at 25%. The management of the firm suspects that some
inventory might have been taken away by a new employee. The estimated cost of missing
inventory on the close of the financial year and the cost of goods sold during the year?​

Answer 1

Opening inventory

15,00,000

Purchases during the year 2014-15

45,00,000

Sales during the year 2014-15

50,00,000

As per physical inventory taken on March 31, 2015 the closing inventory was Rs.20,90,000. Gross

profit on sales has remained constant at 25%. The management of the firm suspects that some

inventory might have been taken away by a new employee. The estimated cost of missing

inventory on the close of the financial year and the cost of goods sold during the year?

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