CA Foundation June 2024 Accounts Question Paper Solution for Q5(a).
The Q5(a) is as follows -
Manish closed his books of account on 31stMarch, each year. Inventory taking for the year ended 31stMarch, 2024 was completed by 10 th April, 2024 on which date value of the stock available in godown was of ₹ 4,50,000 at cost.
Following are the details of transactions that took place between 31st March, 2024 and 10 th April, 2024 :
(i) Goods sold to customers ₹1,10,000.
(ii) Sales return ₹ 10,000.
(iii) Purchases ₹ 85,000 (Including Cash Purchases ₹10,000).
(iv) Purchases return amounted to ₹ 2,500.
(v) Goods costing₹ 15,000 received in March, for sale on consignment basis, out of which 60% of goods had been sold by 10th April. These sales are not included in above sales.
(vi) After the stock was taken it was found that there was certain very old slow-moving items costing ₹14,850, which should be taken at ₹9,500 to ensure disposal to an interested customer.
Goods are sold at a profit margin of 25% on cost. Ascertain the value of inventory for inclusion in the final accounts tor the year ended 31st March, 2024.
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