Question

Sundaram closed his books of account on 31st March, 2018 but due to certain difficulties it was not possible for him to conduct physical stock taking on the date. Physical stock was taken on 7th April when it was valued at `45,000. An examination of the records of inventories from 1st to 7th April revealed the following: a) Sales during the period were `10,200. These goods were sold at the usual rate of gross profit of 25% on cost except goods which realized `1,200 on the basis of 20% profit on cost. b) Purchase during the period were `8,000 of which `1,000 worth of goods were received on 9 th April, 2018. c) Sales returns during the period were `1,200 of which 50% were out of sales at 20% gross profit mentioned above. d) On 5th April, Sundaram received certain goods costing `5,000 to be sold by him on consignment basis.

Answer 1

Answer:

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