Question

- Physical verification of stock in a business was done on 23rd June, 2016. The value
48,00,000. The following transactions took place between 23rd June to 30th June 2016
(i) Out of the goods sent on consignment, goods at cost worth * 2,40,000 were unsold
(ii) Purchases of 4,00,000 were made out of which goods worth * 1,60,000 were delivered
July, 2016.
(iii) Sales were 13,60,000, which include goods worth 3,20,000 sent on approval Half of these
goods were returned before 30th June, 2016, but no information is available regarding
remaining goods.
(iv) Goods are sold at cost plus 25%. However goods costing 2,40,000 had been sold for 120000
Determine the value of stock on 30th June, 2016.
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Answer 1

Answer:

Its verified answer.

Explanation

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