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