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Calculate the amount of material consumed – Opening stock of raw material Rs.1,00,000 Purchase of Raw Material Rs.3,00,000 Closing stock of raw material Rs.10,000 Carriage inward Rs.10,000 Abnormal wastage of materials Rs.5,000 Return of defective materials Rs.15,000 a. 3,80,000 b. 3,50,000 c. 3,40,000 d. 3,60,000?
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Calculate the amount of material consumed – Opening stock of raw mater...
To calculate the amount of material consumed, we need to consider the opening stock of raw material, purchases, closing stock, carriage inward, abnormal wastage of materials, and return of defective materials. Let's calculate each of these components step by step:
1. Opening stock of raw material: Rs.1,00,000
This represents the value of raw material available at the beginning of the accounting period.
2. Purchase of Raw Material: Rs.3,00,000
This represents the total value of raw material purchased during the accounting period.
3. Closing stock of raw material: Rs.10,000
This represents the value of raw material remaining at the end of the accounting period.
4. Carriage inward: Rs.10,000
This represents the transportation cost incurred to bring the raw material to the company's premises.
5. Abnormal wastage of materials: Rs.5,000
This represents the loss of raw material due to unexpected and non-routine events, such as accidents or theft.
6. Return of defective materials: Rs.15,000
This represents the value of raw material returned to the supplier due to defects or quality issues.
Now, let's calculate the amount of material consumed using the formula:
Material Consumed = Opening stock + Purchase + Carriage inward - Closing stock - Abnormal wastage - Return of defective materials
Material Consumed = Rs.1,00,000 + Rs.3,00,000 + Rs.10,000 - Rs.10,000 - Rs.5,000 - Rs.15,000
Material Consumed = Rs. 3,80,000
Therefore, the amount of material consumed is Rs. 3,80,000.
The correct option is (a) 3,80,000.
1. Opening stock of raw material: Rs.1,00,000
This represents the value of raw material available at the beginning of the accounting period.
2. Purchase of Raw Material: Rs.3,00,000
This represents the total value of raw material purchased during the accounting period.
3. Closing stock of raw material: Rs.10,000
This represents the value of raw material remaining at the end of the accounting period.
4. Carriage inward: Rs.10,000
This represents the transportation cost incurred to bring the raw material to the company's premises.
5. Abnormal wastage of materials: Rs.5,000
This represents the loss of raw material due to unexpected and non-routine events, such as accidents or theft.
6. Return of defective materials: Rs.15,000
This represents the value of raw material returned to the supplier due to defects or quality issues.
Now, let's calculate the amount of material consumed using the formula:
Material Consumed = Opening stock + Purchase + Carriage inward - Closing stock - Abnormal wastage - Return of defective materials
Material Consumed = Rs.1,00,000 + Rs.3,00,000 + Rs.10,000 - Rs.10,000 - Rs.5,000 - Rs.15,000
Material Consumed = Rs. 3,80,000
Therefore, the amount of material consumed is Rs. 3,80,000.
The correct option is (a) 3,80,000.
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Calculate the amount of material consumed – Opening stock of raw material Rs.1,00,000 Purchase of Raw Material Rs.3,00,000 Closing stock of raw material Rs.10,000 Carriage inward Rs.10,000 Abnormal wastage of materials Rs.5,000 Return of defective materials Rs.15,000 a. 3,80,000 b. 3,50,000 c. 3,40,000 d. 3,60,000?
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Calculate the amount of material consumed – Opening stock of raw material Rs.1,00,000 Purchase of Raw Material Rs.3,00,000 Closing stock of raw material Rs.10,000 Carriage inward Rs.10,000 Abnormal wastage of materials Rs.5,000 Return of defective materials Rs.15,000 a. 3,80,000 b. 3,50,000 c. 3,40,000 d. 3,60,000? 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 Calculate the amount of material consumed – Opening stock of raw material Rs.1,00,000 Purchase of Raw Material Rs.3,00,000 Closing stock of raw material Rs.10,000 Carriage inward Rs.10,000 Abnormal wastage of materials Rs.5,000 Return of defective materials Rs.15,000 a. 3,80,000 b. 3,50,000 c. 3,40,000 d. 3,60,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Calculate the amount of material consumed – Opening stock of raw material Rs.1,00,000 Purchase of Raw Material Rs.3,00,000 Closing stock of raw material Rs.10,000 Carriage inward Rs.10,000 Abnormal wastage of materials Rs.5,000 Return of defective materials Rs.15,000 a. 3,80,000 b. 3,50,000 c. 3,40,000 d. 3,60,000?.
Calculate the amount of material consumed – Opening stock of raw material Rs.1,00,000 Purchase of Raw Material Rs.3,00,000 Closing stock of raw material Rs.10,000 Carriage inward Rs.10,000 Abnormal wastage of materials Rs.5,000 Return of defective materials Rs.15,000 a. 3,80,000 b. 3,50,000 c. 3,40,000 d. 3,60,000? 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 Calculate the amount of material consumed – Opening stock of raw material Rs.1,00,000 Purchase of Raw Material Rs.3,00,000 Closing stock of raw material Rs.10,000 Carriage inward Rs.10,000 Abnormal wastage of materials Rs.5,000 Return of defective materials Rs.15,000 a. 3,80,000 b. 3,50,000 c. 3,40,000 d. 3,60,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Calculate the amount of material consumed – Opening stock of raw material Rs.1,00,000 Purchase of Raw Material Rs.3,00,000 Closing stock of raw material Rs.10,000 Carriage inward Rs.10,000 Abnormal wastage of materials Rs.5,000 Return of defective materials Rs.15,000 a. 3,80,000 b. 3,50,000 c. 3,40,000 d. 3,60,000?.
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