From the following information ascertain the value of stock as on 31.3.2019:
•Value of stock on 1.4.2018 is ₹70,000
•Purchases during the period from 1.4.2018 to 31.3.2019 is ₹ 3,46,000
•Manufacturing expenses during the above period is ₹ 70,000
•Sales during period is ₹5,22,000
At the time of valuing stock on 31.3.2018 a sum of ₹ 6000 was written off a particular item, which was originally purchased for ₹ 20,000 and was sold for ₹ 16,000, but for the above transaction the gross profit earned during the year was 25% on cost.
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Answers
Date
Particulars
J.F.
Amount
(Rs)
Date
Particulars
J.F.
Amount
(Rs)
To cash A/c
10000
By Purchases
20000
To Purchase returns A/c
1000
By Purchases
6000
To cash A/c
10000
To Balance c/d
5000
26000
26000
Q.2)
Cash A/c
Cr.
Date
Particulars
J.F.
Amount
(Rs)
Date
Particulars
J.F.
Amount
(Rs)
To Balance b/d
10000
By Furniture A/c
5000
To Anurag A/c
10000
By Gautam A/c
8000
To sales A/c
2000
By Salaries A/c
2000
By Balance c/d
7000
22000
22000
Q.19 Accounting Equation
S. No.
Transaction
Assets
=
Liabilities
+
Capital
Cash
+
Bank
+
Stock
+
Debtors
+
Prepaid expenses
=
Creditors
+
Outstanding Rent
(i)
Started business with cash Rs1,80,000
+1,80,000
+1,80,000
New Equation
1,80,000
1,80,000
(ii)
Purchased goods for cash Rs60,000 and Credit Rs30,000
-60,000
+90,000
+30,000
New Equation
1,20,000
90,000
30,000
1,80,000
(iii)
Sold goods for cash Rs40,000 (cost Rs24,000)
+40,000
-24,000
+16,000
New Equation
1,60,000
66,000
30,000
1,96,000
(iv)
Rent Paid Rs5,000 and Rent outstanding Rs2,000
-5,000
+2,000
-5,000
-2000
New Equation
1,55,000
66,000
30,000
2,000
1,89,000
(v)
Sold goods on credit Rs50,000 (cost Rs38,000)
-38,000
+50,000
+12,000
New equation
1,55,000
28,000
50,000
30,000
2,000
2,01,000
(vi)
Salaries paid in advance Rs3,000
-3,000
+3,000
1,52,000
28,000
50,000
3,000
30,000
2,000
2,01,000
New Equation
1,52,000
0
28,000
50,000
3,000
30,000
2,000
2,01,000