Can anyone help me solving thes questions plz???

CPT 528 views 4 replies

ali

Student CA CPT

130 Points Joined March 2014

Q1) thw value of inventory as on april04 is Rs1,60,000. the following transactions takes place during april 01 to april 04. The value of stock sold is Rs 40,000. The mode of sales is as follows:-

-- The damaged goods are sold for Rs 15,000,Sold at 25% below cost.

-- The remaining goods are sold at cost plus 25%.

The value of stock as on 31st march is(damaged goods valued at NRV)_________

a)Rs2,00,000 b)Rs1,95,000

c)Rs2,05,000 d)none of the above.

Q2 The manager earned a commision of Rs25,000, which is based on 10% of net profit.

if sales is Rs 3,50,000 is more than purchases.

No opening & closing stock. Find direct & indirect expenses?

a) Rs 75,000 b)Rs1,00,000

c)Rs2,50,000 d) not attainable.

please explain me how to slove this :)

Replies (4)

Dimple

252 Points Joined June 2011

Solution to Q.1

Closing Inventory as on April 04 160000

Add: Cost of damaged goods sold 15000

(valued at NRV)

Add: Cost of other goods sold

(40000-15000)*100/125 20000

Closing inventory as on April, 01 195000

* Damaged goods were valued at NRV i.e., its market value which is 15000. Thus it was included in stock at 15000

Dimple

252 Points Joined June 2011

Manager's Commission is 10% of NP which is 25000

So NP = 25000/10% = 250000

Sales - Purchases = GP

Sales - Purchase = 350000

so GP = 350000

GP - Direct & Indirect Expenses = NP

Direct & Indirect Expenses = 350000-250000

= 100000

anshu kumar pathak

manager

22 Points Joined November 2013

any one can help me to solve these question from law

1.A contingent contract dependent on the happening of future uncertain event can be enforced when
that event:

(a) happens
(b) becomes impossible
(c) does not happen
(d) either of these.

2. A contingent contract is:
(a) void
(b) voidable
(c) valid
(d) illegal.

3. A contingent contract dependent on the non-happening of a future uncertain event within a fixed
time becomes void when such event:
(a) happens
(b) does not become impossible
(c) does not happen within a fixed time
(d) both (a) and (b)

Cpprasad

CA Student

125 Points Joined August 2011

Originally posted by : anshu kumar pathak
	any one can help me to solve these question from law 1.A contingent contract dependent on the happening of future uncertain event can be enforced when that event: (a) happens (b) becomes impossible (c) does not happen (d) either of these. 2. A contingent contract is: (a) void (b) voidable (c) valid (d) illegal. 3. A contingent contract dependent on the non-happening of a future uncertain event within a fixed time becomes void when such event: (a) happens (b) does not become impossible (c) does not happen within a fixed time (d) both (a) and (b)