Inventory

It's already given in book Mention the area you have doubt

Dharshini Sankar

CA Inter

★ 7K+

08-Dec-21 18:20

I'm confused in the purchase part of the question.

Thread Starter

Gopal Garg

CFA L1

★ 5K+

08-Dec-21 18:39

We have to find stock as on 31.3.21 but they did actual stock taking on April 9.So we will deduct purchases and add cost of goods sold. Value of purchases made as per purchase day book is 1200 out of this 1200, goods worth 500 is not yet received till April 9. So at the time of physical stock taking on April 9 these 500 will not be counted because you don't have the possession of these goods. Now when you come to purchases we record purchases at the time of receiving invoice. So the purchases will include goods worth 500 as they are purchased but not received. So you don't have to deduct the goods worth rs 500 from stock as on April 9 as this value donot include the goods worth 500. But you have to deduct the goods worth rs 500 from purchase made

Dharshini Sankar

CA Inter

★ 7K+

08-Dec-21 18:58