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While we doing value of 31.3.2017 but at the time of 31.3.2016 60000was written off on original purchases of 200000and it sold 160000 what we have to do it sir
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ruchi lahoti
Can you please be specific as to which question you are referring to?
CA foundation practical question 2
Original cost was 2,00,000 it was written off by 60,000 so the value of opening stock on 1/4/2016 (i.e. 31/3/2016 closing stock) was Rs.1,40,000 This was sold during the year for Rs.1,60,000 (this 1,60,000 is included in total sales 52,20,000 ) Profit on such abnormal stock is Rs.20,000 (14.28% gross profit on cost) Normal sales were sold @ 25% gross profit on cost (But for such transaction means all other stocks were sold @ 25%) => this means 20% on sales So normal sales gross profit 20% x (total Sales - abnormal stock sale)
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