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X who was closing his books on 31.03.2006 failed to take the actual stock which he did on 9th April, when it was ascertained by him to be worth Rs 25,000.
It was found that sales are entered in the Sales Day Book on the same day of despatch and the returns inward in the returns book as and when the goods are received back. Purchases are entered in the Purchase Day Book once the invoices are received. Observations -
i. Sales between 31st March and 9th April as per Sales Book are Rs 1,720. Rate of gross profit is 33 1/3 % on cost.
ii. Purchases during the same period as per Purchases Book are Rs 120.
iii. Out of above purchases, goods amounting to Rs 50 were not received until after the stock was taken.
iv. Goods invoiced during the month of March, but goods received only on 4th April, amounted to Rs 100.
You want to find the value of physical stock on 31st March. You start with the value of stock on 9th April.
 
Q.Value of physical stock on 31st March = _______.
  • a)
    26,320
  • b)
    26,120
  • c)
    6,190
  • d)
    23,530
Correct answer is option 'D'. Can you explain this answer?
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Calculation of Value of Physical Stock on 31st March:

Given Information:
- Stock value ascertained on 9th April = Rs 25,000
- Sales between 31st March and 9th April = Rs 1,720
- Rate of gross profit = 33 1/3% on cost
- Purchases during the same period = Rs 120
- Goods invoiced in March but received in April = Rs 100
- Goods not received until after stock taken = Rs 50
Step 1: Adjustments for Sales and Purchases
1. Adjust sales between 31st March and 9th April: Rs 1,720
2. Calculate cost of goods sold using the gross profit rate
Cost of goods sold = Sales / (1 + Gross Profit Rate) = 1,720 / (1 + 1/3) = Rs 1,290
3. Adjust purchases: Rs 120
Step 2: Adjustments for Goods Invoiced but Not Received
1. Goods invoiced in March but received in April: Rs 100
2. Subtract goods not received until after stock taken: Rs 50
Step 3: Calculate Value of Physical Stock on 31st March
1. Value of stock on 9th April = Rs 25,000
2. Adjustments from Step 1 and Step 2 = Rs 1,290 (sales) + Rs 120 (purchases) - Rs 100 (invoiced but not received) - Rs 50 (not received until after stock taken) = Rs 1,260
3. Value of physical stock on 31st March = Value on 9th April - Adjustments = Rs 25,000 - Rs 1,260 = Rs 23,740
Therefore, the value of physical stock on 31st March is Rs 23,740.
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X who was closing his books on 31.03.2006 failed to take the actual stock which he did on 9th April, when it was ascertained by him to be worth Rs 25,000.It was found that sales are entered in the Sales Day Book on the same day of despatch and the returns inward in the returns book as and when the goods are received back. Purchases are entered in the Purchase Day Book once the invoices are received. Observations -i. Sales between 31st March and 9th April as per Sales Book are Rs 1,720. Rate of gross profit is 33 1/3 % on cost.ii. Purchases during the same period as per Purchases Book are Rs 120.iii. Out of above purchases, goods amounting to Rs 50 were not received until after the stock was taken.iv. Goods invoiced during the month of March, but goods received only on 4th April, amounted to Rs 100.You want to find the value of physical stock on 31st March. You start with the value of stock on 9th April.Q.Value of physical stock on 31st March = _______.a)26,320b)26,120c)6,190d)23,530Correct answer is option 'D'. Can you explain this answer?
Question Description
X who was closing his books on 31.03.2006 failed to take the actual stock which he did on 9th April, when it was ascertained by him to be worth Rs 25,000.It was found that sales are entered in the Sales Day Book on the same day of despatch and the returns inward in the returns book as and when the goods are received back. Purchases are entered in the Purchase Day Book once the invoices are received. Observations -i. Sales between 31st March and 9th April as per Sales Book are Rs 1,720. Rate of gross profit is 33 1/3 % on cost.ii. Purchases during the same period as per Purchases Book are Rs 120.iii. Out of above purchases, goods amounting to Rs 50 were not received until after the stock was taken.iv. Goods invoiced during the month of March, but goods received only on 4th April, amounted to Rs 100.You want to find the value of physical stock on 31st March. You start with the value of stock on 9th April.Q.Value of physical stock on 31st March = _______.a)26,320b)26,120c)6,190d)23,530Correct answer is option 'D'. 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 X who was closing his books on 31.03.2006 failed to take the actual stock which he did on 9th April, when it was ascertained by him to be worth Rs 25,000.It was found that sales are entered in the Sales Day Book on the same day of despatch and the returns inward in the returns book as and when the goods are received back. Purchases are entered in the Purchase Day Book once the invoices are received. Observations -i. Sales between 31st March and 9th April as per Sales Book are Rs 1,720. Rate of gross profit is 33 1/3 % on cost.ii. Purchases during the same period as per Purchases Book are Rs 120.iii. Out of above purchases, goods amounting to Rs 50 were not received until after the stock was taken.iv. Goods invoiced during the month of March, but goods received only on 4th April, amounted to Rs 100.You want to find the value of physical stock on 31st March. You start with the value of stock on 9th April.Q.Value of physical stock on 31st March = _______.a)26,320b)26,120c)6,190d)23,530Correct answer is option 'D'. 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 X who was closing his books on 31.03.2006 failed to take the actual stock which he did on 9th April, when it was ascertained by him to be worth Rs 25,000.It was found that sales are entered in the Sales Day Book on the same day of despatch and the returns inward in the returns book as and when the goods are received back. Purchases are entered in the Purchase Day Book once the invoices are received. Observations -i. Sales between 31st March and 9th April as per Sales Book are Rs 1,720. Rate of gross profit is 33 1/3 % on cost.ii. Purchases during the same period as per Purchases Book are Rs 120.iii. Out of above purchases, goods amounting to Rs 50 were not received until after the stock was taken.iv. Goods invoiced during the month of March, but goods received only on 4th April, amounted to Rs 100.You want to find the value of physical stock on 31st March. You start with the value of stock on 9th April.Q.Value of physical stock on 31st March = _______.a)26,320b)26,120c)6,190d)23,530Correct answer is option 'D'. Can you explain this answer?.
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Goods invoiced during the month of March, but goods received only on 4th April, amounted to Rs 100.You want to find the value of physical stock on 31st March. You start with the value of stock on 9th April.Q.Value of physical stock on 31st March = _______.a)26,320b)26,120c)6,190d)23,530Correct answer is option 'D'. Can you explain this answer?, a detailed solution for X who was closing his books on 31.03.2006 failed to take the actual stock which he did on 9th April, when it was ascertained by him to be worth Rs 25,000.It was found that sales are entered in the Sales Day Book on the same day of despatch and the returns inward in the returns book as and when the goods are received back. Purchases are entered in the Purchase Day Book once the invoices are received. Observations -i. Sales between 31st March and 9th April as per Sales Book are Rs 1,720. Rate of gross profit is 33 1/3 % on cost.ii. Purchases during the same period as per Purchases Book are Rs 120.iii. Out of above purchases, goods amounting to Rs 50 were not received until after the stock was taken.iv. Goods invoiced during the month of March, but goods received only on 4th April, amounted to Rs 100.You want to find the value of physical stock on 31st March. You start with the value of stock on 9th April.Q.Value of physical stock on 31st March = _______.a)26,320b)26,120c)6,190d)23,530Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of X who was closing his books on 31.03.2006 failed to take the actual stock which he did on 9th April, when it was ascertained by him to be worth Rs 25,000.It was found that sales are entered in the Sales Day Book on the same day of despatch and the returns inward in the returns book as and when the goods are received back. Purchases are entered in the Purchase Day Book once the invoices are received. Observations -i. Sales between 31st March and 9th April as per Sales Book are Rs 1,720. 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Purchases are entered in the Purchase Day Book once the invoices are received. Observations -i. Sales between 31st March and 9th April as per Sales Book are Rs 1,720. Rate of gross profit is 33 1/3 % on cost.ii. Purchases during the same period as per Purchases Book are Rs 120.iii. Out of above purchases, goods amounting to Rs 50 were not received until after the stock was taken.iv. Goods invoiced during the month of March, but goods received only on 4th April, amounted to Rs 100.You want to find the value of physical stock on 31st March. You start with the value of stock on 9th April.Q.Value of physical stock on 31st March = _______.a)26,320b)26,120c)6,190d)23,530Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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