On April 07 , 2007 , i.e,a week after the end of the accounting year 2006-07,a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.70,000.The following details pertaining to the period April 01 , 2007 To April 07 , 2007 are given ; I. Goods costing Rs.10,000 were sold during the week ; II. Goods received from consigner amounting to Rs.8,000 included in the value of stock ; III. Goods earlier purchased but returned during the period amounted to Rs.2,000; IV . Goods earlier purchased and accounted but not received Rs.12,000.After considering the above ,the value of stock held as on March 31 ,2007 was
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