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 The books of T Ltd. revealed the following information:
Opening inventory                                   Rs.6,00,000
Purchases during the year 2010-2011       Rs.34,00,000
Sales during the year 2010-2011              Rs.48,00,000
On March 31, 2011, the value of inventory as per physical Inventory-taking was Rs. 3,25,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?
  • a)
    Rs.75,000
  • b)
    Rs. 25,000
  • c)
    Rs. 1,00,000
  • d)
    Rs. 1,50,000
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
The books of T Ltd. revealed the following information:Opening invento...
Uses periodic inventory system.

To calculate the cost of goods sold, we need to add the opening inventory to the purchases made during the year and then deduct the value of inventory as per physical inventory-taking.

Opening inventory = Rs.6,00,000
Purchases during the year = Rs.34,00,000
Total inventory = Rs.40,00,000
Less: Value of inventory as per physical inventory-taking = Rs.3,25,000

Cost of goods sold = Rs. 36,75,000 (40,00,000 - 3,25,000)

To calculate the gross profit, we need to deduct the cost of goods sold from the sales made during the year.

Sales during the year = Rs.48,00,000
Cost of goods sold = Rs.36,75,000

Gross profit = Rs.11,25,000 (48,00,000 - 36,75,000)

Therefore, the gross profit of T Ltd. for the year 2010-2011 was Rs.11,25,000.
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Community Answer
The books of T Ltd. revealed the following information:Opening invento...
Opening inventory: 600000
+ purchase : 3800000
+. gross profit 25% :1200000
on sales(4800000)
-. sales. :4800000

closing inventory =400000

physical inventory ( m)=325000

total inventory: 400000-325000= 75000
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The books of T Ltd. revealed the following information:Opening inventory Rs.6,00,000Purchases during the year 2010-2011 Rs.34,00,000Sales during the year 2010-2011 Rs.48,00,000On March 31, 2011, the value of inventory as per physical Inventory-taking was Rs. 3,25,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?a)Rs.75,000b)Rs. 25,000c)Rs. 1,00,000d)Rs. 1,50,000Correct answer is option 'A'. Can you explain this answer?
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The books of T Ltd. revealed the following information:Opening inventory Rs.6,00,000Purchases during the year 2010-2011 Rs.34,00,000Sales during the year 2010-2011 Rs.48,00,000On March 31, 2011, the value of inventory as per physical Inventory-taking was Rs. 3,25,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?a)Rs.75,000b)Rs. 25,000c)Rs. 1,00,000d)Rs. 1,50,000Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The books of T Ltd. revealed the following information:Opening inventory Rs.6,00,000Purchases during the year 2010-2011 Rs.34,00,000Sales during the year 2010-2011 Rs.48,00,000On March 31, 2011, the value of inventory as per physical Inventory-taking was Rs. 3,25,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?a)Rs.75,000b)Rs. 25,000c)Rs. 1,00,000d)Rs. 1,50,000Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The books of T Ltd. revealed the following information:Opening inventory Rs.6,00,000Purchases during the year 2010-2011 Rs.34,00,000Sales during the year 2010-2011 Rs.48,00,000On March 31, 2011, the value of inventory as per physical Inventory-taking was Rs. 3,25,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?a)Rs.75,000b)Rs. 25,000c)Rs. 1,00,000d)Rs. 1,50,000Correct answer is option 'A'. Can you explain this answer?.
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Here you can find the meaning of The books of T Ltd. revealed the following information:Opening inventory Rs.6,00,000Purchases during the year 2010-2011 Rs.34,00,000Sales during the year 2010-2011 Rs.48,00,000On March 31, 2011, the value of inventory as per physical Inventory-taking was Rs. 3,25,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?a)Rs.75,000b)Rs. 25,000c)Rs. 1,00,000d)Rs. 1,50,000Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of The books of T Ltd. revealed the following information:Opening inventory Rs.6,00,000Purchases during the year 2010-2011 Rs.34,00,000Sales during the year 2010-2011 Rs.48,00,000On March 31, 2011, the value of inventory as per physical Inventory-taking was Rs. 3,25,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?a)Rs.75,000b)Rs. 25,000c)Rs. 1,00,000d)Rs. 1,50,000Correct answer is option 'A'. Can you explain this answer?, a detailed solution for The books of T Ltd. revealed the following information:Opening inventory Rs.6,00,000Purchases during the year 2010-2011 Rs.34,00,000Sales during the year 2010-2011 Rs.48,00,000On March 31, 2011, the value of inventory as per physical Inventory-taking was Rs. 3,25,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?a)Rs.75,000b)Rs. 25,000c)Rs. 1,00,000d)Rs. 1,50,000Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of The books of T Ltd. revealed the following information:Opening inventory Rs.6,00,000Purchases during the year 2010-2011 Rs.34,00,000Sales during the year 2010-2011 Rs.48,00,000On March 31, 2011, the value of inventory as per physical Inventory-taking was Rs. 3,25,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?a)Rs.75,000b)Rs. 25,000c)Rs. 1,00,000d)Rs. 1,50,000Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice The books of T Ltd. revealed the following information:Opening inventory Rs.6,00,000Purchases during the year 2010-2011 Rs.34,00,000Sales during the year 2010-2011 Rs.48,00,000On March 31, 2011, the value of inventory as per physical Inventory-taking was Rs. 3,25,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the estimated cost of missing inventory?a)Rs.75,000b)Rs. 25,000c)Rs. 1,00,000d)Rs. 1,50,000Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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