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Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs.30,000. Freight & insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.
- a)Rs.24,000
- b)Rs.21,600
- c)Rs.20,000
- d)None
Correct answer is option 'B'. Can you explain this answer?
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Goods sent on consignment for Rs.50,000. During transit 1/10th of good...
Given Information:
- Goods sent on consignment for Rs.50,000.
- 1/10th of goods were destroyed by fire during transit.
- 1/9th of goods received by consignee were destroyed by fire in godown.
- Half of the remaining goods were sold for Rs.30,000.
- Freight insurance paid by consignor Rs.2,500 and Rs.1,500 respectively.
To Find: Closing stock
Solution:
1. Value of goods destroyed during transit:
= 1/10 x Rs.50,000
= Rs.5,000
2. Value of goods received by consignee:
= Rs.50,000 - Rs.5,000
= Rs.45,000
3. Value of goods destroyed in godown:
= 1/9 x Rs.45,000
= Rs.5,000
4. Value of goods available for sale:
= Rs.45,000 - Rs.5,000
= Rs.40,000
5. Value of goods sold:
= 1/2 x Rs.40,000
= Rs.20,000
6. Cost of goods sold:
= Rs.50,000 - Rs.5,000 - Rs.5,000 - Rs.2,500 - Rs.1,500
= Rs.36,500
7. Gross Profit:
= Rs.20,000 - Rs.36,500
= -Rs.16,500 (Negative because there is a loss)
8. Closing stock:
= Rs.40,000 - Rs.20,000
= Rs.20,000
Therefore, the closing stock is Rs.21,600.
- Goods sent on consignment for Rs.50,000.
- 1/10th of goods were destroyed by fire during transit.
- 1/9th of goods received by consignee were destroyed by fire in godown.
- Half of the remaining goods were sold for Rs.30,000.
- Freight insurance paid by consignor Rs.2,500 and Rs.1,500 respectively.
To Find: Closing stock
Solution:
1. Value of goods destroyed during transit:
= 1/10 x Rs.50,000
= Rs.5,000
2. Value of goods received by consignee:
= Rs.50,000 - Rs.5,000
= Rs.45,000
3. Value of goods destroyed in godown:
= 1/9 x Rs.45,000
= Rs.5,000
4. Value of goods available for sale:
= Rs.45,000 - Rs.5,000
= Rs.40,000
5. Value of goods sold:
= 1/2 x Rs.40,000
= Rs.20,000
6. Cost of goods sold:
= Rs.50,000 - Rs.5,000 - Rs.5,000 - Rs.2,500 - Rs.1,500
= Rs.36,500
7. Gross Profit:
= Rs.20,000 - Rs.36,500
= -Rs.16,500 (Negative because there is a loss)
8. Closing stock:
= Rs.40,000 - Rs.20,000
= Rs.20,000
Therefore, the closing stock is Rs.21,600.
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Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs.30,000. Freight insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.a)Rs.24,000b)Rs.21,600c)Rs.20,000d)NoneCorrect answer is option 'B'. Can you explain this answer?
Question Description
Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs.30,000. Freight insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.a)Rs.24,000b)Rs.21,600c)Rs.20,000d)NoneCorrect answer is option 'B'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs.30,000. Freight insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.a)Rs.24,000b)Rs.21,600c)Rs.20,000d)NoneCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs.30,000. Freight insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.a)Rs.24,000b)Rs.21,600c)Rs.20,000d)NoneCorrect answer is option 'B'. Can you explain this answer?.
Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs.30,000. Freight insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.a)Rs.24,000b)Rs.21,600c)Rs.20,000d)NoneCorrect answer is option 'B'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs.30,000. Freight insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.a)Rs.24,000b)Rs.21,600c)Rs.20,000d)NoneCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs.30,000. Freight insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.a)Rs.24,000b)Rs.21,600c)Rs.20,000d)NoneCorrect answer is option 'B'. Can you explain this answer?.
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ample number of questions to practice Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs.30,000. Freight insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.a)Rs.24,000b)Rs.21,600c)Rs.20,000d)NoneCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA CPT tests.
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