The following are the transactions with respect to goods
traded by Gopal-
i) Purchased goods worth Rs.50,000 on 1-1-2005 for cash
ii) Sold goods costing Rs.20,000 for Rs.30,000 on cash
iii) Bought goods Rs.45,000 from Suresh & Co on credit
iv) Paid Rs.30,000 to Suresh who gave us a discount of Rs1,000
v) Sold goods Rs.23,000 but their cost is Rs.12,000 for cash
vi) Sold goods to Gangadhar for Rs12,000 on credit,(cost Rs
9000)
vii) Received cash from Gangadhar Rs.11,500 in full settlement.
viii) Paid carriage charges on the goods purchased Rs.2,000.
Find out the closing stock as on 31 -1-2005. Also, find how
much is still due to Suresh?
- 14 Answers
- 16458 Views
- ICA, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / vaibhav
Op. stk=50000
2)sales cost=20000 50000-20000=30000
3)purchase=45000 stock=30000+45000=75000
4)payment =30000to suresh due=15000-dis=1000=14000
5)sales cost=12000 75000-12000=63000
6)sales cost=9000 63000-9000=54000
7)receipt from gangadher=11500
8)carriage=2000
there is no more sales or purchase tranzaction therfore
closing stock=54000
and no more payment tranzaction to suresh therfore
due to suresh is=14000
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / khader
opening stock = 0
net purchases =95000
direct exp = 2000
gross profit = 24000
cost of goods sold = 41000
net sales = 65000
closing stock =56000
here the answer
g.p = n.s-cogs(65000-41000=24000)
c.s = o.s+netpurchases+directexp+g.p-sales (0+95000+2000+24000-65000=56000)
so closing stock is 56000, due is 14000
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / arju
Hi Vaibhav can you please provide me the detailed answer.
How you arrived at the answer?
What is the way to find out the solution to this problem?
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / arju
Hi Vaibhav can u also give a detailed answer like above to
this question please?
link- http://www.allinterview.com/showanswers/136135.html
Still i post the question again here-
On 01-04-2006 Mr. Dhanpal started business with Rs.2,00,000
cash and opened a bank account with Rs.1,50,000. He
purchased furniture for his business for Rs.25,000. Goods
were bought from Deendayal for Rs.50,000 on credit. He sold
goods for Rs.27,000 in cash and 30,000 on credit. He paid
Rs. 2,500 for business expenses during April month. Rs.
10,000 was withdrawn for office purposes from the bank. Find
out the closing balance of cash and bank.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mohit kumar
ARJU Answer for Your Question
Closing Balance of Cash Rs.199500/-
Closing Balance of Bank Rs.140000/-
Creditor Rs.50000/-
Debtor Rs.30000/-
| Is This Answer Correct ? | 0 Yes | 0 No |
HOW TO FILL PURCHASE RETURNS IN VAT 200,IF NOT PURCHASES THE PERIOD?
bills of exchange
sir what is the depreciation and how to calculate depreciation as per company books, i need as per IT ACT, AND Companies Act give me clarification with example
how to prepare balance sheet pls tell me?
2- What is the difference between cash book and journals?
What is the cost of goods sold?
If any co. purchase goods from abc co. payment will made in advance. Can abc co. is creditor or not. Pls. answer.
Tell me the types of accounts involved in double entry book-keeping?
i want to know f form and how to use and how can purchase
who is debtor and creditor?
Explain the term account payable?
what is mutual funds?
Audit 
