Physical verification of inventory was done on 23rd June. The value of inventory was Rs.4,80,000. Following transactions took place between 23rd June and 30th June: 1. Out of goods sent on consignment, goods costing Rs. 24,000 were unsold. 2. Purchases of Rs.40,000 were made, out of which goods worth Rs.16,000 were delivered on 5th July. 3. Sales were Rs.1,36,000, which include goods worth Rs.32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs.24,000 had been sold for Rs.12,000. You want to determine the value of inventory on 30th June. You start with physical inventory on 23rd June. Cost of Normal Sales = _______. a) 73,600 b) 80,000 c) 1,08,800 d) 99,200
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Answer:
Journalise the following transactions:
i. Purchased for Rs 30000 and spent Rs 2000 as cartage.
ii. Received a final dividend of 70 paise in a rupee from Mukul who owed
us Rs9000.
iii. Goods used for making furniture Rs 3000.
iv. Goods purchased of list price of Rs 40000 from Sohan less 20% trade
discount
Explanation:
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