Q3.
X who was closing his books on 31.3.2016 failed to take
the actual stock which he did only on 9th April, 2016, when it was ascertained
by him to be worth Rs.2,50,000. It was found that sales are entered in the
sales book on the same day of dispatch and return inwards in the returns book
as and when the goods are received back. Purchases are entered in the purchases
day book once the invoices are received.
It was found that sales between 31.3.2016 and 9.4.2016 as per the sales day
book are Rs.17,200. Purchases between 31.3.2016 and 9.4.2016 as per purchases
day book are Rs.1,200, out of these goods amounting to Rs.500 were not received
until after the stock was taken.Goods invoiced during the month of March, 2016
but goods received only on 4th April, 2016 amounted to Rs.1,000. Rate of gross
profit is 33-1/3% on cost.
Ascertain the value of physical stock as on 31.3.2016.
see in detail
Q4.
From
the following information, ascertain the value of stock as on 31.3.2017
|
|
Rs.
|
|
Value
of stock on 1.4.2016
|
7,00,000
|
|
Purchases
during the period from 1.4.2016 to 31.3.2017
|
34,60,000
|
|
Manufacturing
expenses during the above period
|
7,00,000
|
|
Sales
during the same period
|
52,20,000
|
At the time of valuing stock on 31.3.2016 a sum of Rs.
60,000 was written off a particular item which was originally purchased for
Rs.2,00,000 and was sold for Rs.1,60,000. But for the above transaction the
gross profit earned during the year was 25% on cost.
see in detail
Q5.
The Profit and loss account
of Hanuman showed a net profit of Rs.6,00,000, after considering the closing stock
of Rs.3,75,000 on 31st March, 2016. Subsequently the following information was
obtained from scrutiny of the books:
(i) Purchases for the year
included Rs.15,000 paid for new electric fittings for the shop.
(ii) Hanuman gave away goods
valued at Rs.40,000 as free samples for which no entry was made in the books of
accounts.
(iii) Invoices for goods
amounting to Rs.2,50,000 have been entered on 27th March, 2016, but the goods
were not included in stock.
(iv) In March, 2016 goods of
Rs.2,00,000 sold and delivered were taken in the sales for April, 2016.
(v) Goods costing Rs.75,000
were sent on sale or return in March, 2016 at a margin of profit of 33-1/3% on
cost. Though approval was given in April, 2016 these were taken as sales for
March, 2016.
Calculate the value
of stock on 31st March, 2016 and the adjusted net profit for the year ended on
that date
see in detail
