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Goods costing Rs. 1,00,000 sent to customer on sales or return basis at a price of cost plus 30% . During the year 50% of the good have been accepted. 30% of the goods returned and the balance goods were lying with customer at year end and the specified time limit for approval is yet to expire. Amount of total stock to be shown in the balance sheet would be:

  • a) 
    Rs. 20,000
  • b) 
    Rs. 30,000
  • c) 
    Rs. 50,000
  • d) 
    Rs. 1,00,000
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Goods costing Rs. 1,00,000 sent to customer on sales or return basis a...
Calculation of Goods Sold and Returned
- Goods sold on sales or return basis = Rs. 1,00,000
- Selling price of goods = Cost price + 30% = Rs. 1,00,000 + 30% of Rs. 1,00,000 = Rs. 1,30,000
- Goods accepted by the customer = 50% of Rs. 1,30,000 = Rs. 65,000
- Goods returned by the customer = 30% of Rs. 1,30,000 = Rs. 39,000
- Goods lying with customer at year-end = Rs. 1,30,000 - Rs. 65,000 - Rs. 39,000 = Rs. 26,000

Calculation of Total Stock to be Shown in Balance Sheet
- Goods lying with customer at year-end and the specified time limit for approval is yet to expire = Rs. 26,000
- Less: 30% of goods sold on sales or return basis returned by the customer = Rs. 30,000 (30% of Rs. 1,00,000)
- Total stock to be shown in balance sheet = Rs. 26,000 - Rs. 30,000 = Rs. 20,000

Therefore, the correct answer is option 'A' - Rs. 20,000. The amount of total stock to be shown in the balance sheet is Rs. 20,000.
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Community Answer
Goods costing Rs. 1,00,000 sent to customer on sales or return basis a...
Goods sent= 130000
goods accepted= 65000
goods returned =39000
balance stock at customer hand at selling price =130000-(65000+39000)=26000
so balance  stock at customer  hand at cost  price = 26000*100/130= 20000
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Goods costing Rs. 1,00,000 sent to customer on sales or return basis at a price of cost plus 30% . During the year 50% of the good have been accepted. 30% of the goods returned and the balance goods were lying with customer at year end and the specified time limit for approval is yet to expire. Amount of total stock to be shown in the balance sheet would be:a)Rs. 20,000b)Rs. 30,000c)Rs. 50,000d)Rs. 1,00,000Correct answer is option 'A'. Can you explain this answer?
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Goods costing Rs. 1,00,000 sent to customer on sales or return basis at a price of cost plus 30% . During the year 50% of the good have been accepted. 30% of the goods returned and the balance goods were lying with customer at year end and the specified time limit for approval is yet to expire. Amount of total stock to be shown in the balance sheet would be:a)Rs. 20,000b)Rs. 30,000c)Rs. 50,000d)Rs. 1,00,000Correct answer is option 'A'. 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 Goods costing Rs. 1,00,000 sent to customer on sales or return basis at a price of cost plus 30% . During the year 50% of the good have been accepted. 30% of the goods returned and the balance goods were lying with customer at year end and the specified time limit for approval is yet to expire. Amount of total stock to be shown in the balance sheet would be:a)Rs. 20,000b)Rs. 30,000c)Rs. 50,000d)Rs. 1,00,000Correct answer is option 'A'. 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 Goods costing Rs. 1,00,000 sent to customer on sales or return basis at a price of cost plus 30% . During the year 50% of the good have been accepted. 30% of the goods returned and the balance goods were lying with customer at year end and the specified time limit for approval is yet to expire. Amount of total stock to be shown in the balance sheet would be:a)Rs. 20,000b)Rs. 30,000c)Rs. 50,000d)Rs. 1,00,000Correct answer is option 'A'. Can you explain this answer?.
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