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Accounts doubt

harish ragav (student-IPCC) (407 Points)

10 November 2012

A purchased 1000 kg rice costing 200\each......A exp 5000.....4/5 th of goods sold by B at rs 250/each......remaining taken over by B at cost ......the amt of stock taken over will be?

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9 Replies

RAHUL JOSHI (Doing articleship) (229 Points)
Replied 10 November 2012

rate doesnt matter.he sold all the goods so no stock left with him.

CA Bhargav Nathwani (CA in Practice) (8307 Points)
Replied 10 November 2012

Per Cost of per kg.=

1000*200=200000+5000=205000/1000=205

Sold=800

Reamining=200

Cost of Reamining stock = stock taken over by B @ cost

= 200units*205per cost= Rs. 41000

1 Like

harish ragav (student-IPCC) (407 Points)
Replied 11 November 2012

thanks bro....and pls also explain the below questions......

1) m & n enter into joint venture, m supplies 6000 worth of goods and n sold lot of 7500 & exp of M 100 & N is 200 P&L sharing is equal.....amt of remittance N to m will be? pls explain with answer..........

2) P & Q shared p&l 3:2....p purchased goods costing 200000.other exp 10000......Q sold goods 180000....remaining goods taken over by Q at 20000.....amt of final remittance to be paid by Q to P will be?

3) A bought goods worth 10000 & consigned to B to be sold by them o a joint venture profits & losses shared equally.............A paid exp 1000.... A draws bill for 3 months & discounted with 9500 B sold goods for 15000 commission payable to b is 500.....amt remitted by B to A is ? pls explain........

thanks in advance......

ad95 (none) (117 Points)
Replied 11 November 2012

jv a/c

6000 | 7500

m 100 |

n (exp) 200 |

profit 1200

m 600

n 600

N a/c

7500 | profit 600

exp 200

remitance 6700

Sorrry,in hurry i didnt put exp in cr side of N a/c.

loss=10,000

p=6000

q=4000

in Q a/c post loss 4000 in debit side +sale 180000 +take over 20000

so,remitance=204000

take discounting charge as expense so post in debit side in JV a/c

in B a/c take bills payable 10000

so,remitance is 3000

note-follow process as in 1

rupakgoudel (Student CA CPT ) (24 Points)
Replied 11 November 2012

if you want latest question models and other documents of cpt course then visit https://www.rupakgoudel.com.np/ its still in progress but i will try to upload many more documents in a single place !

harish ragav (student-IPCC) (407 Points)
Replied 11 November 2012

Originally posted by : aks
	1. jv a/c 6000 \| 7500 m 100 \| n 200 \| profit 1200 m 600 n 600 N a/c 7500 \| profit 600 remitance 6900 but in study material they give amt of remitance is 6700?