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Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –
1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.
2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.
3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.
You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.
Q.What will you do regarding adjustment # 2?
- a)24,000 (Add)
- b)16,000 (Add)
- c)40,000 (Add)
- d)40,000 (Less)
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Physical verification of stock was done on 23rd june. the value of sto...
OPTION C IS CORRECT BRO BECAUSE WHAN GOODS PURCHASED JOURNAL ENTRY RECORD AT THAT TIME WHEN GOODS PURCHASED AND JOURNAL ENTRY IS
GOODS IN TRANSIT A/C DR
TO TRADING A/C.
GOODS IN TRANSIT A/C DR
TO TRADING A/C.
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Physical verification of stock was done on 23rd june. the value of sto...
Understanding Adjustment #2
Adjustment #2 involves purchases made during the period between the physical verification of stock and the end of June. Let's break down the impact of this adjustment on the stock valuation.
Details of Adjustment #2
- Purchases Made: Rs 40,000
- Goods Delivered: Rs 16,000 (to be received on 5th July)
Impact on Stock Valuation
- The total purchases of Rs 40,000 need to be considered for the stock valuation on 30th June.
- Since goods worth Rs 16,000 will not be delivered until after the reporting date (5th July), they cannot be included in the stock on 30th June.
Conclusion on Adjustment
- In this context, the entire purchase amount of Rs 40,000 must be included in the stock valuation as it reflects the total cost incurred for stock, regardless of delivery timing.
- Thus, the correct action regarding this adjustment is to add Rs 40,000 to the stock value.
Final Answer
- Therefore, the correct answer is option 'C': 40,000 (Add). This ensures that all purchases that were made prior to the cutoff date are accounted for in the stock valuation.
Adjustment #2 involves purchases made during the period between the physical verification of stock and the end of June. Let's break down the impact of this adjustment on the stock valuation.
Details of Adjustment #2
- Purchases Made: Rs 40,000
- Goods Delivered: Rs 16,000 (to be received on 5th July)
Impact on Stock Valuation
- The total purchases of Rs 40,000 need to be considered for the stock valuation on 30th June.
- Since goods worth Rs 16,000 will not be delivered until after the reporting date (5th July), they cannot be included in the stock on 30th June.
Conclusion on Adjustment
- In this context, the entire purchase amount of Rs 40,000 must be included in the stock valuation as it reflects the total cost incurred for stock, regardless of delivery timing.
- Thus, the correct action regarding this adjustment is to add Rs 40,000 to the stock value.
Final Answer
- Therefore, the correct answer is option 'C': 40,000 (Add). This ensures that all purchases that were made prior to the cutoff date are accounted for in the stock valuation.
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Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer?
Question Description
Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer?.
Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer?.
Solutions for Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Physical verification of stock was done on 23rd june. the value of stock was rs 4,80,000. following transactions took place between 23rd june and 30th june –1 . Out of goods sent on consignment, goods costing Rs 24,000 were unsold.2 . Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th July.3 . Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.You want to determine the value of stock on 30th June. You start with physical stock on 23rd June.Q.What will you do regarding adjustment # 2?a)24,000 (Add)b)16,000 (Add)c)40,000 (Add)d)40,000 (Less)Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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