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Chetan Ltd recorded the following information as on 31st ,2004 stock(1-4-03) Rs40,000 Purchases Rs80,000 sales Rs100,000 Itis noticed that goods worth Rs30,000 were destroyed due to fire against this, insurance company accepted the claim of Rs14,000. The company sells good at cost 33%.The value of closing inventory,after taking into account the above transation is (A)75,000 (B)15000 (C)25000 (D)NIL

10153151 616441875107752 6844265409377433766 n CAKART asked over 1 year ago

Chetan Ltd recorded the following information as on 31st ,2004 stock(1-4-03) Rs40,000 Purchases Rs80,000 sales Rs100,000 Itis noticed that goods worth Rs30,000 were destroyed due to fire against this, insurance company accepted the claim of Rs14,000. The company sells good at cost 33%.The value of closing inventory,after taking into account the above transation is (A)75,000 (B)15000 (C)25000 (D)NIL

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 shweta answered over 1 year ago

answer given in book is 15,000

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 kunal answered over 1 year ago

the given benefit % is on cost or deals?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 shweta answered over 1 year ago

shutting stock = 53200*+80000-1000000+14000-30000 = 17200 *profit 33% on cost = 40000+33% on 40000 = 53200

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 sumanta answered over 1 year ago

i am finding the solution 15000 yet by taking benefit at the rate of (100/3)%... since on the off chance that we have opening stock 40000 and buys 80000... this suggests we have products worth 1,20,000 which we can offer... presently products worth Rs. 30,000 were obliterated by flame.. what's more, that abandons us with products worth Rs. 90,000 to offer... moreover.. in the event that the rate of benefit at a bargain is taken to be (100/3)%, then the rate of benefit on deals will be 25%... in this manner 25% of 1,00,000 is 25000... we know offering cost - benefit = cost so 1,00,000 - 25,000 = 75000.. so shutting stock is 90,000 - 75,000.. that is 15,000 you find the solution a ton snappier on the off chance that you explain it by making exchanging account.... be that as it may, simply check the rate of benefit...

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Similar Questions

Similar Articles like Chetan Ltd recorded the following information as on 31st ,2004 stock(1-4-03) Rs40,000 Purchases Rs80,000 sales Rs100,000 Itis noticed that goods worth Rs30,000 were destroyed due to fire against this, insurance company accepted the claim of Rs14,000. The company sells good at cost 33%.The value of closing inventory,after taking into account the above transation is (A)75,000 (B)15000 (C)25000 (D)NIL

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