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Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.?
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Sterling limited revealed the following information as on 31st March 2...
Calculation of Closing Stock for Sterling Limited as on 31st March 2013
Purchase:
- Stock as on 1st April 2012: Rs. 1,60,000
- Purchase during the year: Rs. 3,20,000
- Total Purchase: Rs. 4,80,000
Sales:
- Sales during the year: Rs. 4,00,000
Insurance Claim:
- Goods destroyed due to floods: Rs. 60,000
- Insurance claim accepted: Rs. 40,000
Gross Profit:
- Gross Profit on Sales: 25%
Closing Stock:
- Calculate Cost of Goods Sold (COGS) = Opening Stock + Purchases - Closing Stock
- COGS = Rs. 4,80,000 - Rs. 1,60,000 - Rs. 40,000 (Insurance Claim) - Rs. 4,00,000 (Sales) = Rs. 80,000
- Calculate Gross Profit = Sales - COGS
- Gross Profit = Rs. 4,00,000 - Rs. 80,000 = Rs. 3,20,000
- Calculate Closing Stock = COGS - Opening Stock
- Closing Stock = Rs. 80,000 - Rs. 1,60,000 = Rs. (-80,000)
Explanation:
Sterling Limited had an opening stock of Rs. 1,60,000 and purchased goods worth Rs. 3,20,000 during the year. The total purchase for the year was Rs. 4,80,000. The company sold goods worth Rs. 4,00,000 during the year and had an insurance claim of Rs. 40,000 against the goods worth Rs. 60,000 that were destroyed due to floods. The company's gross profit on sales was 25%. To calculate the closing stock, we need to calculate the cost of goods sold (COGS) first. COGS is calculated by subtracting the opening stock, insurance claim, and sales from the total purchases. COGS was Rs. 80,000. Gross profit was calculated by subtracting COGS from sales, which was Rs. 3,20,000. To calculate the closing stock, we need to subtract the opening stock from COGS, which gives a negative value of Rs. (-80,000). This means that the company has sold more than what it had purchased and had in stock, resulting in a negative closing stock.
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Sterling limited revealed the following information as on 31st March 2...
Sterling limited revealed the following information as on 31st March 2012:- 2 Marksi. Stock as on April 01,2011 Rs 1,60,000ii. Purchases during the year Rs 3,20,000iii. Sales during the year Rs 4,00,000iv. The goods worth Rs 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of Rs 40,000. The company’s gross profit on sales has remained constant at 25% Find the value of closing stock as on 31st -March
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Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.?
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Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.? 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 Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.?.
Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.? 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 Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.?.
Solutions for Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.? in English & in Hindi are available as part of our courses for CA Foundation.
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Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.?, a detailed solution for Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.? has been provided alongside types of Sterling limited revealed the following information as on 31st March 2013. Stock as on 1st April 2012 rs 1,60,000 Purchase during the year 3,20,000 Sales during the year 400000 The goods worth 60,000 were destroyed due to floods. Against the claim the insurance company accepted a claim of 40,000. The company's gross profit on sales is 25%. The value of closing stock as on 31st March would be.? theory, EduRev gives you an
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