Question

Sun Soya Oil & Company is a wholesaler of cooking oil. Due to an emergency, its annual inventory taking was delayed till 3 July 2015, on which date the physical inventory was valued at Rs.24 million.
An examination of the related records disclosed that the following events took place on 1st and 2nd July, 2015.
(a) Sales invoices amounting to Rs.4 million were issued. These included invoices amounting:
 Rs.200,000 in respected oil which was dispatched on 29 June 2015 but had not been invoiced;
 Rs.400,000 in respect of oil not dispatched until 5 July 2015 and;
 Rs.200,000 in respected oil on sale or return basis.
 The average rate of gross profit is 33 1/3% of cost.
(b) Returns from customers totaled Rs.600,000.
(c) Purchase invoices amounting to Rs.1.8 million were received. These included invoices worth:
 Rs.600,000 for oil received in June 2015, and;  Rs.300,000 for oil received on 7 July 2015.
(d) Purchase returns totaled Rs.400,000.
A review of the records also disclosed the following errors:
 Inventories lying in Abbotabad were not included in the physical count. The cost of such inventory on 30 June 2014 and 3 July 2015 was Rs.0.5 million and Rs.3 million respectively.
 An arithmetical error in the inventory sheets on 3 July 2015 resulted in an overvaluation of Rs.450,000.
Required
Prepare a statement showing the correct amount of the inventory as on 30 June 2015.

Answer 1

Answer:

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