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Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000?
Most Upvoted Answer
Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,6...
Solution:
Given:
Cost of goods purchased = Rs. 2,40,000
Cost of goods sold = Rs. 1,60,000
Selling price of goods sold = Rs. 2,40,000
To find:
The value of goods taken over by Ansh
Step-by-Step Solution:
1. Find out the Gross Profit (GP) percentage
GP% = [(Selling Price - Cost Price) / Cost Price] × 100
GP% = [(2,40,000 - 1,60,000) / 1,60,000] × 100
GP% = 50%
2. Find out the Gross Profit earned on goods sold
GP = Selling Price - Cost Price
GP = 2,40,000 - 1,60,000
GP = Rs. 80,000
3. Find out the Cost of goods taken over by Ansh
Let the cost of goods taken over by Ansh be x.
GP% = [(Selling Price - Cost Price) / Cost Price] × 100
50% = [(x - 2,40,000) / x] × 100
50x = x - 2,40,000
49x = 2,40,000
x = Rs. 4,897.96 (approx)
4. Final Answer:
The amount of goods taken over by Ansh is Rs. 4,897.96 (approx)
Therefore, option (c) Rs. 40,000 is the closest answer.
Given:
Cost of goods purchased = Rs. 2,40,000
Cost of goods sold = Rs. 1,60,000
Selling price of goods sold = Rs. 2,40,000
To find:
The value of goods taken over by Ansh
Step-by-Step Solution:
1. Find out the Gross Profit (GP) percentage
GP% = [(Selling Price - Cost Price) / Cost Price] × 100
GP% = [(2,40,000 - 1,60,000) / 1,60,000] × 100
GP% = 50%
2. Find out the Gross Profit earned on goods sold
GP = Selling Price - Cost Price
GP = 2,40,000 - 1,60,000
GP = Rs. 80,000
3. Find out the Cost of goods taken over by Ansh
Let the cost of goods taken over by Ansh be x.
GP% = [(Selling Price - Cost Price) / Cost Price] × 100
50% = [(x - 2,40,000) / x] × 100
50x = x - 2,40,000
49x = 2,40,000
x = Rs. 4,897.96 (approx)
4. Final Answer:
The amount of goods taken over by Ansh is Rs. 4,897.96 (approx)
Therefore, option (c) Rs. 40,000 is the closest answer.
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Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000?
Question Description
Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000? 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 Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000?.
Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000? 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 Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000?.
Solutions for Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000? in English & in Hindi are available as part of our courses for CA Foundation.
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Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000?, a detailed solution for Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000? has been provided alongside types of Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) Rs. 1,20,000 (b) Rs. 80,000 (c) Rs. 40,000 (d) Rs. 1,00,000? theory, EduRev gives you an
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