Inventory Accounting
This query is : Resolved
26 March 2011
Can any1 plz solve this with the steps:
The book of T ltd. revealed the following information:-
opening inventory 6,00,000
purchase during 2003-2004 34,00,000
sales during 2003-2004 48,00,000
on March 31 2004 the value of inventory as per physical stock taking was 3,25,000. the companies gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. what is the estimated cost of missing inventory?
Ans. 75,000
Thank You..
The book of T ltd. revealed the following information:-
opening inventory 6,00,000
purchase during 2003-2004 34,00,000
sales during 2003-2004 48,00,000
on March 31 2004 the value of inventory as per physical stock taking was 3,25,000. the companies gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. what is the estimated cost of missing inventory?
Ans. 75,000
Thank You..
sudhakar ca cwa
(Expert)
26 March 2011
prepare trading a.c for this.
OS 600000 Sales 4800000
Pur 3400000 CS (b/F) 400000
GP 1200000
5200000 5200000
Here closing stock is 4lakhs but given it is 3.25 laks
Diff is 75000
OS 600000 Sales 4800000
Pur 3400000 CS (b/F) 400000
GP 1200000
5200000 5200000
Here closing stock is 4lakhs but given it is 3.25 laks
Diff is 75000
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