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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 # 1?
  • a)
    24,000 (Add)
  • b)
    24,000 (less)
  • c)
    48,000 (Add)
  • d)
    48,000 (Less)
Correct answer is option 'A'. Can you explain this answer?
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Physical verification of stock was done on 23rd june. the value of sto...
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Physical verification of stock was done on 23rd june. the value of sto...
(b) Physical verification of stock in a business was done on 23rd February, 2020. The value of the stock was ? 28,00,000. The following transactions took place from 23rd February to 29th February, 2020:

(1) Out of the goods sent on consignment, goods at cost worth 3 2,30,000 were unsold.

(2) Purchases of ? 3,00,000 were made out of which goods worth 2 1,20,000 were delivered on 5th March, 2020.

(3) Sales were ? 13,60,000 which include goods worth 3,20,000

sent on approval. Half of these goods were returned before 29th February, 2020, but no information is available regarding the

remaining goods.

(4) Goods are sold at cost plus 25%. However goods costing

7 2,40,000 had been sold for 1,50,000.

Determine the value of stock on 29th February, 2020.

10

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Value

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1.
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Physical verification of stock was done on 23rd june. the value of sto...
Adjustment #1 regarding unsold goods on consignment:

1. The unsold goods on consignment amounting to Rs 24,000 need to be added back to the stock value on 23rd June.
2. Since these goods were not sold, their value should be included in the stock value to accurately reflect the current inventory.
3. Therefore, the adjustment for this transaction would be to add Rs 24,000 to the stock value on 23rd June.
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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 # 1?a)24,000 (Add)b)24,000 (less)c)48,000 (Add)d)48,000 (Less)Correct answer is option 'A'. Can you explain this answer?
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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 # 1?a)24,000 (Add)b)24,000 (less)c)48,000 (Add)d)48,000 (Less)Correct 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 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 # 1?a)24,000 (Add)b)24,000 (less)c)48,000 (Add)d)48,000 (Less)Correct 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 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 # 1?a)24,000 (Add)b)24,000 (less)c)48,000 (Add)d)48,000 (Less)Correct answer is option 'A'. 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 # 1?a)24,000 (Add)b)24,000 (less)c)48,000 (Add)d)48,000 (Less)Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
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 # 1?a)24,000 (Add)b)24,000 (less)c)48,000 (Add)d)48,000 (Less)Correct answer is option 'A'. 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 # 1?a)24,000 (Add)b)24,000 (less)c)48,000 (Add)d)48,000 (Less)Correct answer is option 'A'. 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 # 1?a)24,000 (Add)b)24,000 (less)c)48,000 (Add)d)48,000 (Less)Correct answer is option 'A'. 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 # 1?a)24,000 (Add)b)24,000 (less)c)48,000 (Add)d)48,000 (Less)Correct answer is option 'A'. 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 # 1?a)24,000 (Add)b)24,000 (less)c)48,000 (Add)d)48,000 (Less)Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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