Question

MJK closes financial books on 31 st March every year. Stock-taking continues one week after this date. In 2020 the value of closing stock came to ` 37,400 without making the following adjustments: a) Goods purchased are recorded in the books as on the date of invoice. b) Purchase invoice was received on 28 th March for ` 10,000 but goods against this invoice were received on 24 th March. c) Purchase invoice was received on 29 th March for ` 1,000 but goods against this were not received until the stock-taking was completed. d) Goods worth ` 1,400 were received on 31 st March, the invoice of which was received on 3 rd April. e) Purchase invoice of ` 500 was received on 5 th April, the goods against which were not received until the stock-taking was completed. f) Purchase invoice of ` 500 was received on 6 th April but goods of only ` 160 could be received up to the time of stock-taking. Required: Calculate the value of stock as on March 31,2020.​

Answer 1

Answer:

please mark me as a brain list

Answer 2

Answer:

26800

Explanation:

Stock valued on 15th April: Rs.25000

Less: Purchases done during two weeks Rs. 1000

-----------------

Rs.24000

Add: Cost of goods sold

Sales Rs.4000

Less: Gross Profit @30% Rs. 1200

-------------- Rs. 2800

------------------

Inventory Values as on 31st March Rs.26800