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A trader prepared his accounts on 31st March, each year. Due to some unavoidable reasons, no inves taking could be possible till 15th April, 2020 on which date the total cost of goods in his godown.com 25,00,000. The following facts were established between 31st March and 15th April, 2020. Value of 1 Add: Cos (i) Sales * 4,10,000 (including cash sales 1,00,000) (ii) Purchases 50,340 (including cash purchases * 19,900) (iii) Sales Return * 10,000?
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A trader prepared his accounts on 31st March, each year. Due to some u...
Calculation of Cost of Goods Sold

Sales:
- Total sales = Rs. 4,10,000
- Cash sales = Rs. 1,00,000
- Credit sales = Rs. 3,10,000

Purchases:
- Total purchases = Rs. 50,340
- Cash purchases = Rs. 19,900
- Credit purchases = Rs. 30,440

Sales Returns:
- Sales returns = Rs. 10,000

Calculation of Cost of Goods Sold:
- Opening stock (31st March) = Not given
- Add: Purchases = Rs. 50,340
- Less: Closing stock (15th April) = Rs. 25,00,000
- Cost of Goods Sold = Opening Stock + Purchases - Closing Stock
- Cost of Goods Sold = Not given + Rs. 50,340 - Rs. 25,00,000

Explanation:
- The trader prepares his accounts on 31st March each year, which means that he calculates his profit/loss for the year ending on 31st March.
- However, due to some unavoidable reasons, he could not take inventory of his goods on 31st March.
- Instead, he takes inventory on 15th April, which means that the cost of goods sold for the year ending on 31st March needs to be calculated using the sales, purchases, and sales returns that occurred between 31st March and 15th April.
- The value of 1 add is not given, and hence, cannot be used in the calculation of cost of goods sold.
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A trader prepared his accounts on 31st March, each year. Due to some u...
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A trader prepared his accounts on 31st March, each year. Due to some unavoidable reasons, no inves taking could be possible till 15th April, 2020 on which date the total cost of goods in his godown.com 25,00,000. The following facts were established between 31st March and 15th April, 2020. Value of 1 Add: Cos (i) Sales * 4,10,000 (including cash sales 1,00,000) (ii) Purchases 50,340 (including cash purchases * 19,900) (iii) Sales Return * 10,000?
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A trader prepared his accounts on 31st March, each year. Due to some unavoidable reasons, no inves taking could be possible till 15th April, 2020 on which date the total cost of goods in his godown.com 25,00,000. The following facts were established between 31st March and 15th April, 2020. Value of 1 Add: Cos (i) Sales * 4,10,000 (including cash sales 1,00,000) (ii) Purchases 50,340 (including cash purchases * 19,900) (iii) Sales Return * 10,000? 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 A trader prepared his accounts on 31st March, each year. Due to some unavoidable reasons, no inves taking could be possible till 15th April, 2020 on which date the total cost of goods in his godown.com 25,00,000. The following facts were established between 31st March and 15th April, 2020. Value of 1 Add: Cos (i) Sales * 4,10,000 (including cash sales 1,00,000) (ii) Purchases 50,340 (including cash purchases * 19,900) (iii) Sales Return * 10,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A trader prepared his accounts on 31st March, each year. Due to some unavoidable reasons, no inves taking could be possible till 15th April, 2020 on which date the total cost of goods in his godown.com 25,00,000. The following facts were established between 31st March and 15th April, 2020. Value of 1 Add: Cos (i) Sales * 4,10,000 (including cash sales 1,00,000) (ii) Purchases 50,340 (including cash purchases * 19,900) (iii) Sales Return * 10,000?.
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