Gee Ltd. Follows perpetual inventory system. On March 31st 2014, of the company took physical inventory verification and found the value of inventory as per records different from the value as per the physical inventory due to:
Goods purchased for Rs. 10,000 were received and included in the physical inventory but no entry was made in the books.Goods costing Rs. 30,000 were sold and entered in the books but the goods are yet to be delivered.
Goods worth Rs. 5,000 are returned to the supplier but is omitted to be recorded. If the inventory is valued in the books at Rs. 1,50,000, The value of the physical inventory is:-
View solution