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 # 3?a)73,600 (Add)b)24,000 (lAdd)c)97,600 (Less)d)Both (a) and (b)Correct answer is option 'C'. 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 # 3?

a)
73,600 (Add)
b)
24,000 (lAdd)
c)
97,600 (Less)
d)
Both (a) and (b)

Correct answer is option 'C'. Can you explain this answer?

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Adjustment #3 regarding Sales:
Sales were Rs 1,36,000, which includes 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 Rs 24,000 had been sold for Rs 12,000.

- The sales amount should be adjusted to reflect the actual value of goods sold.
- Since goods worth Rs 32,000 were sent on approval, only half of it was returned before 30th June, so Rs 16,000 worth of goods were actually sold.
- Out of this, goods costing Rs 24,000 were sold for Rs 12,000, which means there was a loss of Rs 12,000 on these goods.
- Therefore, the adjustment for sales would be a decrease of Rs 24,000 (Rs 16,000 - Rs 12,000) in the stock value.

Therefore, the adjustment for sales would be a decrease of Rs 24,000 in the stock value.

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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?

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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?

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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 # 3?a)73,600 (Add)b)24,000 (lAdd)c)97,600 (Less)d)Both (a) and (b)Correct answer is option 'C'. 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 # 3?a)73,600 (Add)b)24,000 (lAdd)c)97,600 (Less)d)Both (a) and (b)Correct answer is option 'C'. 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 # 3?a)73,600 (Add)b)24,000 (lAdd)c)97,600 (Less)d)Both (a) and (b)Correct answer is option 'C'. 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 # 3?a)73,600 (Add)b)24,000 (lAdd)c)97,600 (Less)d)Both (a) and (b)Correct answer is option 'C'. Can you explain this answer?.

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