X of kolkata sends out certain goods to Y of mumbai at cost + 25%. 1/2 of the goods received by Y is sold at Rs 176000 at 10% above IP. INVOICE VALVE of goods send out is
a. 300000
b. 320000
c. 180000
d. 340000
Menu
accounts
Replies (11)
answer of first is 320000
second answer is 11250
1st Answer :
SP = 176000 @ 10 % PROFIT
Hence, IP = 176000*100/110 = 160000
Now, these are the 1/2 goods, that means IP of all the goods = 160000*2 = 320000
While for 2nd :
the goods are invoiced at 20% profit at IP.,, that means the cost is 80%..
Hence, IP = 100000*100/80 = 125000
1/10 GOODS LOST. So, remaining = 125000-12500 = 112500
And hence 1/2 of the goods value = 112500/2 = 56250
And stock reserve on them = 56250*20/100 = 11250
Rs. 3,20,000
Rs. 11,250
Q!
|
Please understand the following workings: Particulars |
% | Amount |
| Goods Cost | 100 | |
| Reserve | 25 | |
| IP | 125 | 320000 |
| Margin by Y | 12.5 | |
| SP | 137.5 | 352000 |
| if SP of 1/2 of goods sold is | 176000 | |
| SP for the entire goods | 352000 | |
|
|
|
Q2
Particulars |
% | Amount | |
| Goods Cost | 100 | 100000 | |
| Reserve on Cost | 25 | 25000 | |
| IP | 125 | 125000 | |
| 1/10 lost in Transit | |||
| Cost of the Lost | 10000 | ||
| Reservve on above | 2500 | ||
| IP of the Lost | 12500 | ||
| Particulars | Total Available | Actual Sales | Balance |
| Cost of Goods Available for Sale | 90000 | 45000 | 45000 |
| Margin of the above | 22500 | 11250 | 11250 |
| IP | 112500 | 56250 | 56250 |
Hope you have clear picture
Recent Threads
- Presumptive tax 44ADA
- Performances of actors and singers
- Discount Received Income in GSTR  - 9
- Whether afer responding to query amount of expen
- Sample of board meetings of a private limited comp
- Filed IT return under old scheme , can he file rev
- Reconciling Zoho Books with Tally
- Freelance Accounting Services - Work From Home
- Spom exam doubt
- GST RCM on contractual consultant who works as lik
Related Threads
CAclubindia
