Ca-cpt-a/c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2012 Stock: 80000
Purchases: 160000
Sales: 200000

Good worth destroy 30000rs due to fire. insurance company accept claim of 20000

company sell goods at 33 1/3% value of closing inventory is ?????

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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15 September 2012 I think goods worth destroy is Rs.30000 not 3000. Then the value of Closing stock is Rs.60000 assumed profit of 33 1/3% is on sale value.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2012 plzzz give me full sol.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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15 September 2012 Our assumption is profit margin is on sales i.e sale price is includes profit of 33 1/3%. thus cost of sales is sales-profit. Now compute sales value Rs.200000(we know already) now compute profit is 33 1/3% on sales thus profit = 200000*33.33/133.33 = Rs.50000 (profit)

Thus cost of sales is = 200000-50000=150000

So value of goods sold is Rs.150000.

Thus now computation of closing stock

opening stock+purchases-cost of sales = 80000+160000-150000=90000

In this closing stock cost of Rs.30000 goods lost by fire thus remaining stock in hand is 90000-30000 = Rs.60000

OM SAI SRI SAI JAI JAI SAI

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Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2012 Thank you

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