Physical verification of stock in a business was done on 23rd February,
2020. The value of the stock was 7 28,00,000. The following
transactions took place from 23rd February to 29th February, 2020
(1) Out of the goods sent on consignment, goods at cost worth
< 2,30,000 were unsold.
(2) Purchases of 7 3,00,000 were made out of which goods worth
7 1.20.000 were delivered on 5th March, 2020.
(3) Sales were 7 13,60,000 which include goods worth ? 3,20,000
sent on approval. Half of these goods were returned before 29th
February, 2020, but no information is available regarding the
remaining goods.
(4)
Goods are sold at cost plus 25%. However goods costing
< 2,40,000 had been sold for ? 1,50,000.
Determine the value of stock on 29th February, 2020.
What is goods in transit here?
Answers
Answer:
Calculation of Normal Sales
Actual Sales = 13,60,000
Less : Abnormal Sales = 1,50,000
Less : Return of goods sent on approval = 1,60,000
10,50,000
W. No. 2 :
Calculation of Gross Profit
Gross profit on normal sales 20/100×10,50,000 = 2,10,000
Less : Loss on sale of particular (abnormal) goods
(Rs.2,40,000−Rs.1,50,000) = 90,000
1,20,000
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