CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

CAS Ltd. follows perpetual inventory system. On March 31 of every year, the company undertakes physical stock verification. On March 31, the value of stock as per the records differed from the value as per the physical stock. On scrutiny, the following differences were noticed: Goods purchased for Rs.20,000 were received and included in the physical stock but no entry was made in the books. Goods costing Rs.60,000 were sold and entered in the books but the stock is yet to be delivered. Goods worth Rs.10,000 are returned to the suppliers but is omitted to be recorded. If the inventory is valued in the books at Rs.3,00,000, the value of the physical inventory is ________________.

A
Rs.2,22,000
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
Rs.3,78,000
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Rs.3,70,000
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
D
Rs.3,18,000
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is B Rs.3,70,000
Value of inventory as per books = 3,00,000
Add:- Goods purchased but omitted to be recorded = 20,000
Goods sold not yet delivered = 60,000
Less:- Goods returned to supplies not accounted in books = (10,000)
-----------------
Value of physical inventory = 3,70,000

flag
Suggest Corrections
thumbs-up
0
similar_icon
Similar questions
View More
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Financial Statements of NPO
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon