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Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000?
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Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; St...
Calculation of Gross Profit
- Gross Profit = Sales – Cost of Goods Sold
- Cost of Goods Sold = Opening Stock + Purchases – Closing Stock
- Closing Stock = Opening Stock + Purchases – Sales + Stock Salvaged
- Therefore, Closing Stock = Rs.13,500 + Rs.82,500 – Rs.1,20,000 + Rs.1,260 = Rs.15,260
- Cost of Goods Sold = Rs.13,500 + Rs.82,500 – Rs.15,260 = Rs.80,740
- Gross Profit = Rs.1,20,000 – Rs.80,740 = Rs.39,260
Calculation of Claim Amount
- Claim Amount = Gross Profit x Rate of Gross Profit
- Claim Amount = Rs.39,260 x 50% = Rs.19,630
- However, the claim amount is usually calculated on the net loss after deducting salvage value, if any. In this case, the net loss is (Rs.1,20,000 – Rs.39,260) = Rs.80,740
- Therefore, the claim amount = Rs.80,740 x 50% = Rs.40,370
- But since there is a salvage value of Rs.1,260, the claim amount will be reduced by that amount.
- Final Claim Amount = Rs.40,370 – Rs.1,260 = Rs.39,110
Therefore, the correct answer is Rs.39,110.
- Gross Profit = Sales – Cost of Goods Sold
- Cost of Goods Sold = Opening Stock + Purchases – Closing Stock
- Closing Stock = Opening Stock + Purchases – Sales + Stock Salvaged
- Therefore, Closing Stock = Rs.13,500 + Rs.82,500 – Rs.1,20,000 + Rs.1,260 = Rs.15,260
- Cost of Goods Sold = Rs.13,500 + Rs.82,500 – Rs.15,260 = Rs.80,740
- Gross Profit = Rs.1,20,000 – Rs.80,740 = Rs.39,260
Calculation of Claim Amount
- Claim Amount = Gross Profit x Rate of Gross Profit
- Claim Amount = Rs.39,260 x 50% = Rs.19,630
- However, the claim amount is usually calculated on the net loss after deducting salvage value, if any. In this case, the net loss is (Rs.1,20,000 – Rs.39,260) = Rs.80,740
- Therefore, the claim amount = Rs.80,740 x 50% = Rs.40,370
- But since there is a salvage value of Rs.1,260, the claim amount will be reduced by that amount.
- Final Claim Amount = Rs.40,370 – Rs.1,260 = Rs.39,110
Therefore, the correct answer is Rs.39,110.
Community Answer
Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; St...
Rs.36,000
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Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000?
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Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000?.
Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000?.
Solutions for Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000? in English & in Hindi are available as part of our courses for B Com.
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Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000?, a detailed solution for Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000? has been provided alongside types of Opening stock Rs.13, 500; Purchase Rs.82, 500; Sales Rs.1, 20, 000; Stock salvaged Rs.1, 260. Rate of Gross Profit 50% on cost. Find the claim amount Rs.14, 740 Rs.24, 740 Rs.36, 000 Rs 30,000? theory, EduRev gives you an
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