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C limited record the following information as on March 31 2005 Stock on April 1 2004 ₹80000 Purchese ₹ 160000 Sales ₹200000 It is noticed that goods worth ₹ 30000 were distroid due to fire against this the insurance company accepted the claim of ₹20000 The company sell goods at cost plus 33 1/3 % the value of closing inventory after taking into account the above transaction is?
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C limited record the following information as on March 31 2005 Stock o...
Calculation of Closing Inventory as on March 31, 2005:
- Stock on April 1, 2004 = ₹80,000
- Purchases = ₹160,000
- Sales = ₹200,000
- Goods destroyed due to fire = ₹30,000
- Insurance claim accepted = ₹20,000
Calculation:
1. Cost of Goods Available for Sale:
Stock on April 1, 2004 + Purchases = ₹80,000 + ₹160,000 = ₹240,000
2. Cost of Goods Sold:
Cost of Goods Available for Sale - Closing Inventory = ₹240,000 - Sales = ₹240,000 - ₹200,000 = ₹40,000
3. Cost per unit:
Cost of Goods Available for Sale / Total units = ₹240,000 / 100 = ₹2,400
4. Closing Inventory:
Closing Inventory = Stock on April 1, 2004 + Purchases - Cost of Goods Sold = ₹80,000 + ₹160,000 - ₹40,000 = ₹200,000
5. Adjustment for destroyed goods:
Actual closing inventory - value of destroyed goods = ₹200,000 - ₹30,000 = ₹170,000
6. Adjustment for insurance claim:
Insurance claim accepted = ₹20,000
Loss due to destroyed goods = ₹30,000 - ₹20,000 = ₹10,000
Adjusted Closing Inventory:
Closing Inventory - Loss due to destroyed goods = ₹170,000 - ₹10,000 = ₹160,000
Therefore, the value of the closing inventory after taking into account the destroyed goods and insurance claim is ₹160,000 as on March 31, 2005.
- Stock on April 1, 2004 = ₹80,000
- Purchases = ₹160,000
- Sales = ₹200,000
- Goods destroyed due to fire = ₹30,000
- Insurance claim accepted = ₹20,000
Calculation:
1. Cost of Goods Available for Sale:
Stock on April 1, 2004 + Purchases = ₹80,000 + ₹160,000 = ₹240,000
2. Cost of Goods Sold:
Cost of Goods Available for Sale - Closing Inventory = ₹240,000 - Sales = ₹240,000 - ₹200,000 = ₹40,000
3. Cost per unit:
Cost of Goods Available for Sale / Total units = ₹240,000 / 100 = ₹2,400
4. Closing Inventory:
Closing Inventory = Stock on April 1, 2004 + Purchases - Cost of Goods Sold = ₹80,000 + ₹160,000 - ₹40,000 = ₹200,000
5. Adjustment for destroyed goods:
Actual closing inventory - value of destroyed goods = ₹200,000 - ₹30,000 = ₹170,000
6. Adjustment for insurance claim:
Insurance claim accepted = ₹20,000
Loss due to destroyed goods = ₹30,000 - ₹20,000 = ₹10,000
Adjusted Closing Inventory:
Closing Inventory - Loss due to destroyed goods = ₹170,000 - ₹10,000 = ₹160,000
Therefore, the value of the closing inventory after taking into account the destroyed goods and insurance claim is ₹160,000 as on March 31, 2005.
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C limited record the following information as on March 31 2005 Stock on April 1 2004 ₹80000 Purchese ₹ 160000 Sales ₹200000 It is noticed that goods worth ₹ 30000 were distroid due to fire against this the insurance company accepted the claim of ₹20000 The company sell goods at cost plus 33 1/3 % the value of closing inventory after taking into account the above transaction is?
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C limited record the following information as on March 31 2005 Stock on April 1 2004 ₹80000 Purchese ₹ 160000 Sales ₹200000 It is noticed that goods worth ₹ 30000 were distroid due to fire against this the insurance company accepted the claim of ₹20000 The company sell goods at cost plus 33 1/3 % the value of closing inventory after taking into account the above transaction is? 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 C limited record the following information as on March 31 2005 Stock on April 1 2004 ₹80000 Purchese ₹ 160000 Sales ₹200000 It is noticed that goods worth ₹ 30000 were distroid due to fire against this the insurance company accepted the claim of ₹20000 The company sell goods at cost plus 33 1/3 % the value of closing inventory after taking into account the above transaction is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for C limited record the following information as on March 31 2005 Stock on April 1 2004 ₹80000 Purchese ₹ 160000 Sales ₹200000 It is noticed that goods worth ₹ 30000 were distroid due to fire against this the insurance company accepted the claim of ₹20000 The company sell goods at cost plus 33 1/3 % the value of closing inventory after taking into account the above transaction is?.
C limited record the following information as on March 31 2005 Stock on April 1 2004 ₹80000 Purchese ₹ 160000 Sales ₹200000 It is noticed that goods worth ₹ 30000 were distroid due to fire against this the insurance company accepted the claim of ₹20000 The company sell goods at cost plus 33 1/3 % the value of closing inventory after taking into account the above transaction is? 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 C limited record the following information as on March 31 2005 Stock on April 1 2004 ₹80000 Purchese ₹ 160000 Sales ₹200000 It is noticed that goods worth ₹ 30000 were distroid due to fire against this the insurance company accepted the claim of ₹20000 The company sell goods at cost plus 33 1/3 % the value of closing inventory after taking into account the above transaction is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for C limited record the following information as on March 31 2005 Stock on April 1 2004 ₹80000 Purchese ₹ 160000 Sales ₹200000 It is noticed that goods worth ₹ 30000 were distroid due to fire against this the insurance company accepted the claim of ₹20000 The company sell goods at cost plus 33 1/3 % the value of closing inventory after taking into account the above transaction is?.
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