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Solve please........

Harish Kumar (IPCC) (475 Points)

16 August 2012  

Ram of kolkata sends out goods costing Rs. 1,00,000 to Y of mumbai at 20% profit on invoice price.

1/10th of the goods were lost in transit. 1/2 of the balance goods were sold .

the amount of stock reserve on consignment stock will be

 

Answer is 11,250.......please Solve it in detail..............!!


 8 Replies

sudheer (Accountant) (72 Points)
Replied 16 August 2012

Cost of Goods Sent on Consignment  100000

Less: Goods Lost in Transit 1/10th           10000

Goods received by consignee               90000

Goods Sold by Consignee ½                45000

Cost of Goods in Stock                      45000

Let us assume invoice value of goods is 100

Profit @ 20% of above will be 20

So Cost Price will be 80

Now doing cross Multiplication(Kilwish)

Stock reserve = Rs. 45000 x 20/80 i.e. Rs. 11250/-

1 Like

Roshan A (Chartered Accountant) (458 Points)
Replied 16 August 2012

 

Cost of Goods Sent on Consignment  100000

Less: Goods Lost in Transit 1/10th           10000

Goods received by consignee               90000

Goods Sold by Consignee ½                45000

Cost of Goods in Stock                      45000

Let us assume invoice value of goods is 100

Profit @ 20% of above will be 20

So Cost Price will be 80

Now doing cross Multiplication(Kilwish)

Stock reserve = Rs. 45000 x 20/80 i.e. Rs. 11250/-


Agree with this explanation

1 Like

Harish Kumar (IPCC) (475 Points)
Replied 16 August 2012

Originally posted by : sudheer

Cost of Goods Sent on Consignment  100000

Less: Goods Lost in Transit 1/10th           10000

Goods received by consignee               90000

Goods Sold by Consignee ½                45000

Cost of Goods in Stock                      45000

Let us assume invoice value of goods is 100

Profit @ 20% of above will be 20

So Cost Price will be 80

Now doing cross Multiplication(Kilwish)

Stock reserve = Rs. 45000 x 20/80 i.e. Rs. 11250/-


You mention here (Kilwish) what is it................??

Roshan A (Chartered Accountant) (458 Points)
Replied 16 August 2012

Kilwish in math language is Cross multiplication cheeky

1 Like

Nibedita Panda (Student ) (17 Points)
Replied 02 April 2017

Is there any other method for solving this problem

Nibedita Panda (Student ) (17 Points)
Replied 27 April 2017

Can i get the ans plz..
Opening balance of debtors is Rs 35000.cash received from debtors is Rs 30000.Cash sales is Rs 20,000 which is 20% of total sales. B/R received for Rs 40,000 and discount allowed is 1% of cash collection

Nibedita Panda (Student ) (17 Points)
Replied 27 April 2017

Find the closing debtors.

Nibedita Panda (Student ) (17 Points)
Replied 28 April 2017

Can i get the ans for the above ques plz

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