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..
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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