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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


Jashwanth S

Jashwanth S

CMA Inter

2K+

05-May-20 09:39

30

Answers (4)

Can you please be specific as to which question you are referring to?


ruchi lahoti

ruchi lahoti

Moderator

06-May-20 14:26

Can you please be specific as to which question you are referring to?

CA foundation practical question 2


Jashwanth S

Jashwanth S

CMA Inter

2K+

06-May-20 15:32

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)


sudha reddy

sudha reddy

Moderator

07-May-20 16:30

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