You visited us 1 times! Enjoying our articles? Unlock Full Access!

Byju's Answer

Standard XI

Accountancy

Matching Concept

What should w...

Question

What should we do to find out the closing stock when the following information is given :-
Closing stock was valued at Rs 25,000. (Market value Rs. 15,700)

Open in App

Solution

Dear Student, Closing Stock is valued at cost or at realisable value (i.e. Market value), whichever is lower,
Therefore, Rs 15,700 (market value of Closing stock, as in the information provided by you) on the one hand, it should be shown on the debit side of Trading Account and on the other hand, shown on the Assets side of Balance Sheet.

Suggest Corrections

Similar questions

Q. The balance in books of X, a sole proprietor were:
Opening Stock Rs.

17, 000

, Purchases Rs.

52, 000

Wages Rs.

46, 500

Fuel Rs.

15, 000

Sales Rs.

1, 45, 000

and Closing stock Rs.

25, 000

whose Net Realizable value was Rs.

28, 000

. Find the Gross profit.

Q. From the following information, find out the missing information.
Opening stock - Rs.

50, 000

, Closing stock - Rs.

1, 50, 000

, Sale - Rs.

16, 00, 000

, Gross profit ratio is

25 %

on sales. Purchases

=

Q. Purchases-Rs. 26,000, Carriage Inwards- Rs. 890, Opening Stock- Rs. 4,500, and Closing Stock- Rs. 6,130. From the given information, cost of sales = .

Given the following data: Purchases Rs. 54,533, Carriage inwards Rs. 4,324, Opening stock Rs. 17,600, and closing stock Rs. 14,342. The value of the cost of goods sold is:

Q. Find out value of closing stock from the following:
Opening stock Rs.

70, 000

Purchases during the period Rs.

4, 16, 000

Sales during the period Rs.

5, 22, 000

Gross profit earned:

25

% of cost

Join BYJU'S Learning Program

What should we do to find out the closing stock when the following information is given :-Closing stock was valued at Rs 25,000. (Market value Rs. 15,700)

What should we do to find out the closing stock when the following information is given :-
Closing stock was valued at Rs 25,000. (Market value Rs. 15,700)