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Consider the following information pertaining to G & Sons as on March 31, 2011:
Opening inventory Rs.15,00,000
Purchases during the year 2010-11 Rs.45,00,000
Sales during the year 2010-11 Rs.50,00,000
As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively are
Opening inventory Rs.15,00,000
Purchases during the year 2010-11 Rs.45,00,000
Sales during the year 2010-11 Rs.50,00,000
As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively are
- a)Rs. 2,65,000; Rs. 37,50,000
- b)Rs. 2,10,000; Rs. 39,10,000
- c)Rs. 1,75,000; Rs. 50,00,000
- d)Rs. 1,60,000; Rs. 37,50,000.
Correct answer is option 'D'. Can you explain this answer?
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Consider the following information pertaining to G & Sons as on Ma...
To find out the cost of missing inventory:
Firstly calculate Gross Profit on Sales @25% i.e.
50,00,000*25%= 12,50,000
Now Opening stock+Purchases+ Gross Profit - Sales - Given Inventory = Missing inventory value
(Can be found out through Trading Account also, then Missing inventory value will be balancing figure)
Missing inventory value= 15,00,000+45,00,000+12,50,000 - 50,00,000 -20,90,000 = 1,60,000
Cost of goods sold = Opening stock+Purchases - Closing stock
COGS = 15,00,000+45,00,000 - 22,50,000
= 37,50,000
Firstly calculate Gross Profit on Sales @25% i.e.
50,00,000*25%= 12,50,000
Now Opening stock+Purchases+ Gross Profit - Sales - Given Inventory = Missing inventory value
(Can be found out through Trading Account also, then Missing inventory value will be balancing figure)
Missing inventory value= 15,00,000+45,00,000+12,50,000 - 50,00,000 -20,90,000 = 1,60,000
Cost of goods sold = Opening stock+Purchases - Closing stock
COGS = 15,00,000+45,00,000 - 22,50,000
= 37,50,000
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Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. Can you explain this answer?
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Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. 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 Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. 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 Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. Can you explain this answer?.
Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. 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 Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. 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 Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. Can you explain this answer?.
Solutions for Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. Can you explain this answer?, a detailed solution for Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Consider the following information pertaining to G & Sons as on March 31, 2011:Opening inventory Rs.15,00,000Purchases during the year 2010-11 Rs.45,00,000Sales during the year 2010-11 Rs.50,00,000As per physical inventory taken on March 31, 2011 the closing inventory was Rs.20,90,000. Gross profit on sales has remained constant at 25%. The management of the firm suspects that some inventory might have been taken away by a new employee. The estimated cost of missing inventory on the close of the financial year and the cost of goods sold during the year, respectively area)Rs. 2,65,000; Rs. 37,50,000b)Rs. 2,10,000; Rs. 39,10,000c)Rs. 1,75,000; Rs. 50,00,000d)Rs. 1,60,000; Rs. 37,50,000.Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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