C.A FOUNDATION INVENTORY // PRACTICAL PROBLEM NO.(4) // ICAI MODULE // DETAILED EXPLANATION //
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C.A FOUNDATION INVENTORY // PRACTICAL
C.A FOUNDATION INVENTORY // PRACTICAL PROBLEM NO.(4) // ICAI MODULE // DETAILED EXPLANATION
4) Physical verification of stock in a business was done on 23rd June, 2022. The value of the
stock was 48,00,000. The following transactions took place between 23rd June to 30th
June, 2022:
(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 on 5th July, 2022.
(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, 2022.
(iv) Goods are sold at cost plus 25%. However, goods costing 2,40,000 had been
sold for 1,20,000.
Determine the value of stock on 30th June, 2022.
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4) Physical verification of stock in a business was done on 23rd June, 2022. The value of the
stock was 48,00,000. The following transactions took place between 23rd June to 30th
June, 2022:
(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 on 5th July, 2022.
(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, 2022.
(iv) Goods are sold at cost plus 25%. However, goods costing 2,40,000 had been
sold for 1,20,000.
Determine the value of stock on 30th June, 2022.
Telegram:- https://t.me/cafoundationdiscussiongr...
#cafoundation #accounting #inventory #practicalproblems #icaicafoundation #solutions #importantquestions #charteredaccountant
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