CHAPTER 4 - INVENTORIES | LECTURE 9 - Q 4 | CA FOUNDATION MAY/NOV 23 | BY CA VAIBHAV PATNI

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These are the video solutions of CA FOUNDATION ICAI STUDY MATERIAL.
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BACK QUESTION 4
Physical verification of stock in a business was done on 23rd June, 2020. The value of the stock was Rs. 48,00,000. The following transactions took place between 23rd June to 30th June, 2020:
1) Out of the goods sent on consignment, goods at cost worth Rs. 2,40,000 were unsold.
2) Purchases of Rs. 4,00,000 were made out of which goods worth Rs. 1,60,000 were delivered on 5th July, 2020.
3) Sales were Rs. 13,60,000, which include goods worth Rs. 3.20,000 sent on approval. Half of these goods were returned before 30th June, 2020.
4) Goods are sold at cost plus 25%. However, goods costing Rs. 2,40,000 had been sold for Rs.1,20.000.
Determine the value of stock on 30th June, 2020.



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