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On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.
The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:
The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:
I. Goods costing Rs.5,000 were sold during the week.
II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.
III. Goods earlier purchased but returned during the period amounted to Rs.1,000.
IV. Goods earlier purchased and accounted but not received Rs.6,000.
II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.
III. Goods earlier purchased but returned during the period amounted to Rs.1,000.
IV. Goods earlier purchased and accounted but not received Rs.6,000.
After considering the above, the value of stock held as on March 31, 2005 was
- a)Rs.27,000
- b)Rs.19,000
- c)Rs.43,000
- d)Rs.51,000.
Correct answer is option 'C'. Can you explain this answer?
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On April 07, 2005, i.e, a week after the end of the accounting year 20...
Given information:
- Value of stock as per physical stock verification on April 07, 2005 = Rs.35,000
- Goods costing Rs.5,000 were sold during the week of April 01 to April 07, 2005.
- Goods received from consignor worth Rs.4,000 were included in the value of stock.
- Goods worth Rs.1,000 were returned during the period.
- Goods worth Rs.6,000 were accounted for but not received.
To determine the value of stock held as on March 31, 2005, we need to adjust the stock value as per the above details. Let's break down the adjustments:
1. Adjust for goods sold during the week:
- Deduct the cost of goods sold from the stock value as on April 07, 2005.
- Cost of goods sold = Rs.5,000
- Adjusted stock value = Rs.30,000 (35,000 - 5,000)
2. Adjust for goods received from consignor:
- Exclude the value of goods received from the consignor, as they were not owned by the company as on March 31, 2005.
- Adjusted stock value = Rs.30,000 - Rs.4,000 = Rs.26,000
3. Adjust for goods returned during the period:
- Include the value of goods returned during the period, as they were owned by the company as on March 31, 2005.
- Adjusted stock value = Rs.26,000 + Rs.1,000 = Rs.27,000
4. Adjust for goods accounted but not received:
- Exclude the value of goods accounted for but not received, as they were not owned by the company as on March 31, 2005.
- Adjusted stock value = Rs.27,000 - Rs.6,000 = Rs.21,000
Therefore, the value of stock held as on March 31, 2005 was Rs.21,000.
However, the correct answer given is option 'C' - Rs.43,000. This seems to be an error in the question or answer options provided.
- Value of stock as per physical stock verification on April 07, 2005 = Rs.35,000
- Goods costing Rs.5,000 were sold during the week of April 01 to April 07, 2005.
- Goods received from consignor worth Rs.4,000 were included in the value of stock.
- Goods worth Rs.1,000 were returned during the period.
- Goods worth Rs.6,000 were accounted for but not received.
To determine the value of stock held as on March 31, 2005, we need to adjust the stock value as per the above details. Let's break down the adjustments:
1. Adjust for goods sold during the week:
- Deduct the cost of goods sold from the stock value as on April 07, 2005.
- Cost of goods sold = Rs.5,000
- Adjusted stock value = Rs.30,000 (35,000 - 5,000)
2. Adjust for goods received from consignor:
- Exclude the value of goods received from the consignor, as they were not owned by the company as on March 31, 2005.
- Adjusted stock value = Rs.30,000 - Rs.4,000 = Rs.26,000
3. Adjust for goods returned during the period:
- Include the value of goods returned during the period, as they were owned by the company as on March 31, 2005.
- Adjusted stock value = Rs.26,000 + Rs.1,000 = Rs.27,000
4. Adjust for goods accounted but not received:
- Exclude the value of goods accounted for but not received, as they were not owned by the company as on March 31, 2005.
- Adjusted stock value = Rs.27,000 - Rs.6,000 = Rs.21,000
Therefore, the value of stock held as on March 31, 2005 was Rs.21,000.
However, the correct answer given is option 'C' - Rs.43,000. This seems to be an error in the question or answer options provided.
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On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. Can you explain this answer?
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On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. 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 On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. 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 On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. Can you explain this answer?.
On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. 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 On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. 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 On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. Can you explain this answer?.
Solutions for On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. 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 On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice On April 07, 2005, i.e, a week after the end of the accounting year 2004-05, a company undertook physical stock verification. The value of stock as per physical stock verification was found to be Rs.35,000.The following details pertaining to the period April 01, 2005 to April 07, 2005 are given:I. Goods costing Rs.5,000 were sold during the week.II. Goods received from consignor amounting to Rs.4,000 included in the value of stock.III. Goods earlier purchased but returned during the period amounted to Rs.1,000.IV. Goods earlier purchased and accounted but not received Rs.6,000.After considering the above, the value of stock held as on March 31, 2005 wasa)Rs.27,000b)Rs.19,000c)Rs.43,000d)Rs.51,000.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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