Question

M/s Rahul operates a number of retail outlets to which goods are invoiced at wholesale price which is cost plus 25%. These outlets sell the goods at the retail price which is wholesale price plus 20%. Following is the information regarding one of the outlets for the year ended 31.3.2020: (in ₹) Stock at the outlet 1.4.2019 30,000 Goods invoiced to the outlet during the year 3,24,000 Gross profit made by the outlet 60,000 Goods lost by fire ? Expenses of the outlet for the year 20,000 Stock at the outlet 31.3.2020 36,000 You are required to prepare the following accounts in the books of Rahul Limited for the year ended 31.3.2020 : (a) Outlet Stock Account. (b) Outlet Profit & Loss Account. (c) Stock Reserve Account.

Answer 1

Answer:

M/s Rahul operates a number of retail outlets to which goods are invoiced at wholesale price which is cost plus 25%. These outlets sell the goods at the retail price which is wholesale price plus 20%. Following is the information regarding one of the outlets for the year ended 31.3.2020: (in ₹) Stock at the outlet 1.4.2019 30,000 Goods invoiced to the outlet during the year 3,24,000 Gross profit made by the outlet 60,000 Goods lost by fire ? Expenses of the outlet for the year 20,000 Stock at the outlet 31.3.2020 36,000 You are required to prepare the following accounts in the books of Rahul Limited for the year ended 31.3.2020 : (a) Outlet Stock Account. (b) Outlet Profit & Loss Account. (c) Stock Reserve Account.

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Answer 2

M/s Rahul operates a number of retail outlets to which goods are invoiced at wholesale price which is cost plus 25%. These outlets sell the goods at the retail price which is wholesale price plus 20%. Following is the information regarding one of the outlets for the year ended 31.3.2020: (in ₹) Stock at the outlet 1.4.2019 30,000 Goods invoiced to the outlet during the year 3,24,000 Gross profit made by the outlet 60,000 Goods lost by fire ? Expenses of the outlet for the year 20,000 Stock at the outlet 31.3.2020 36,000 You are required to prepare the following accounts in the books of Rahul Limited for the year ended 31.3.2020 : (

a) Outlet Stock Account