Kumar Ltd, sells its goods in cases. For stock taking purposes, all cases are valued at Rs.10 per case irrespective of whether they are still in stock or in the hands of the customers. Cases are charged out to the customers at Rs. 16 per case, but the customer is credited with Rs. 12 per case if the case is returned in good condition within three months of receipt.
The following information relates to the year to 31st March 2021.
i) Stock of cases at 1st April 2020-
In stock 3,000 cases;
In hands of customers 5,000 cases.
ii) During the year 5,000 cases were purchased.
iii) 25,000 cases were issued to customers.
iv) 23,000 cases were returned by customers within the time limit.
v) 2,500 cases were not returned within the time limit and were duly paid for by the customers. Cases still in the hands of the customers at 31st March 2021 had all been invoiced since 1st January 2021.
vi) 200 cases kept in stock by Kumar Ltd, had been damaged and were beyond repair.
vii) Rs. 10,000 had been spent on repairing some slightly damaged cases.
viii) 400 other damaged cases had been sold for Rs. 5 per case.
The value of the stock in the warehouse of Kumar Ltd at 31st March 2021
Rs. 54,000
Rs. 60,000
Rs. 70,000
Rs. 30,000
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Answer: 1000
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