Goods sold on HP at cost plus 50%
1- stock with customers at HPP (opening) Rs 162000
2- stock in hand at shop (opening) Rs.324000
3- Instalments overdue(opening) Rs.135000
4- purchases during the year Rs 1080000
5- Goods repossesed(instalment not due Rs. 36000) Rs. 9000
6- stock at shop excluding goods repossesed (closing) RS 360000
7- cash recieved during the year Rs 1035000
8- Instalments overdue(closing) Rs162000
Vendor spent Rs2000 on goods repossesed and then sold it for Rs15000. Calculate Profit/loss on repossession and profit/loss on sale? Kindly show workings also if possible...
Thanks in advance...
CAclubindia
