Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. illustration 7. determine the value of stock to be

ILLUSTRATION 7. Determine the value of stock to be taken for Balance Sheet as at...

60.1K

Verified Solution

Question

Accounting

image

ILLUSTRATION 7. Determine the value of stock to be taken for Balance Sheet as at 31st March, 2015 from the following information : The stock was verified on 25th March, 2015 and was valued at $ 10,00,000. Following transactions took place between 25th March, 2015 and 31st March, 2015 : (a) Out of goods sent on consignment goods worth $40,000 (at cost) were unsold. (b) Sales were for $2,50,000. It includes goods worth $ 75,000 sent on approval basis. One-third of these were returned before 31st March, 2015. As regards remaining, no intimation is received. (c) Purchases of $2,50,000, out of this, goods worth $50,000 were delivered after 31st March, 2015. (d) The selling price is fixed by having a 20% margin on sales value. However, to one customer goods costing $20,000 were sold for $15,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

In the MIC assay, why did it matter what the E. coli density is? (Why was...

Physics
1.2K views

Please briefly answer all the questions below, and writing those clearer and tidier (It is best...

Biology
1.2K views

Question 7 of 22 A population of frogs is split between two ponds during a...

Physics
1.2K views

connected connected to an external load If all the cells are in same polarity then...

Physics
1.2K views

In the figure shown a hole of radius 2 cm is made in a semicircular...

Accounting
1.2K views

2. Change all of the numbers in the data area of your worksheet so that...

Accounting
1.2K views

24) Champion Industries exchanged a dust-scrubbing piece of equipment for another version of the same...

Accounting
1.2K views

On January 1, 2019, ABC Company borrowed $100,e08 from the bank. The loan...

Accounting
1.2K views

Assume that you are performing the audit of Cameron Mfg. Co. Cameron has an IT...

Accounting
1.2K views

* Your answer is incorrect. Try again. Iggy Company is considering three capital expenditure projects....

Accounting
1.2K views

Superior Markets, Inc., opera tres tiendas en una gran rea metropolitana. A continuacin se presenta...

Accounting
1.2K views

To include the personal assets and transactions of a business's owner in the records and...