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Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –
1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.
2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.
3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.
You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.
Q.Normal Sales = ______.
- a)1,36,000
- b)1,24,000
- c)1,48,000
- d)92,000
Correct answer is option 'D'. Can you explain this answer?
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Physical verification of stock was done on 23rd june. the value of sto...
Calculation of Normal Sales
The given information states that the total sales made were Rs 1,36,000, which includes goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Therefore, the calculation of normal sales is as follows:
Total Sales = Rs 1,36,000
Sales on approval = Rs 32,000
Sales on approval returned before 30th June = Rs 16,000
Remaining sales = Total Sales - Sales on approval + Sales on approval returned before 30th June
Remaining sales = Rs 1,36,000 - Rs 32,000 + Rs 16,000
Remaining sales = Rs 1,20,000
Therefore, the normal sales made during the given period is Rs 1,20,000.
Calculation of Cost of Goods Sold
The cost of goods sold can be calculated as follows:
Cost of Goods Sold = Opening Stock + Purchases - Closing Stock
Opening Stock = Value of stock on 23rd June = Rs 4,80,000
Purchases = Rs 40,000 - Rs 16,000 (goods delivered on 5th July)
Purchases = Rs 24,000
Closing Stock = Value of stock on 23rd June - Cost of goods sent on consignment + Cost of goods returned from approval
Closing Stock = Rs 4,80,000 - Rs 24,000 + (Rs 16,000/1.25)
Closing Stock = Rs 4,80,000 - Rs 24,000 + Rs 12,800
Closing Stock = Rs 4,68,800
Cost of Goods Sold = Rs 4,80,000 + Rs 24,000 - Rs 4,68,800
Cost of Goods Sold = Rs 35,200
Calculation of Gross Profit
Gross profit can be calculated as follows:
Gross Profit = Normal Sales - Cost of Goods Sold
Gross Profit = Rs 1,20,000 - Rs 35,200
Gross Profit = Rs 84,800
Calculation of Closing Stock on 30th June
Closing stock on 30th June can be calculated as follows:
Closing Stock = Value of stock on 23rd June - Cost of goods sent on consignment + Cost of goods returned from approval - Normal Sales + Cost of Goods Sold
Closing Stock = Rs 4,80,000 - Rs 24,000 + (Rs 16,000/1.25) - Rs 1,20,000 + Rs 35,200
Closing Stock = Rs 3,67,200
Therefore, the value of closing stock on 30th June is Rs 3,67,200.
The given information states that the total sales made were Rs 1,36,000, which includes goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Therefore, the calculation of normal sales is as follows:
Total Sales = Rs 1,36,000
Sales on approval = Rs 32,000
Sales on approval returned before 30th June = Rs 16,000
Remaining sales = Total Sales - Sales on approval + Sales on approval returned before 30th June
Remaining sales = Rs 1,36,000 - Rs 32,000 + Rs 16,000
Remaining sales = Rs 1,20,000
Therefore, the normal sales made during the given period is Rs 1,20,000.
Calculation of Cost of Goods Sold
The cost of goods sold can be calculated as follows:
Cost of Goods Sold = Opening Stock + Purchases - Closing Stock
Opening Stock = Value of stock on 23rd June = Rs 4,80,000
Purchases = Rs 40,000 - Rs 16,000 (goods delivered on 5th July)
Purchases = Rs 24,000
Closing Stock = Value of stock on 23rd June - Cost of goods sent on consignment + Cost of goods returned from approval
Closing Stock = Rs 4,80,000 - Rs 24,000 + (Rs 16,000/1.25)
Closing Stock = Rs 4,80,000 - Rs 24,000 + Rs 12,800
Closing Stock = Rs 4,68,800
Cost of Goods Sold = Rs 4,80,000 + Rs 24,000 - Rs 4,68,800
Cost of Goods Sold = Rs 35,200
Calculation of Gross Profit
Gross profit can be calculated as follows:
Gross Profit = Normal Sales - Cost of Goods Sold
Gross Profit = Rs 1,20,000 - Rs 35,200
Gross Profit = Rs 84,800
Calculation of Closing Stock on 30th June
Closing stock on 30th June can be calculated as follows:
Closing Stock = Value of stock on 23rd June - Cost of goods sent on consignment + Cost of goods returned from approval - Normal Sales + Cost of Goods Sold
Closing Stock = Rs 4,80,000 - Rs 24,000 + (Rs 16,000/1.25) - Rs 1,20,000 + Rs 35,200
Closing Stock = Rs 3,67,200
Therefore, the value of closing stock on 30th June is Rs 3,67,200.
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Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct answer is option 'D'. Can you explain this answer?
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Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct 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 Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct 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 Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct answer is option 'D'. Can you explain this answer?.
Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct 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 Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct 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 Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct answer is option 'D'. Can you explain this answer?.
Solutions for Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct answer is option 'D'. Can you explain this answer?, a detailed solution for Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june 1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.Normal Sales = ______.a)1,36,000b)1,24,000c)1,48,000d)92,000Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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