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Standard VIII

Mathematics

Formula for CI

There was a s...

Question

There was a stock of Rs. $5, 500$ out of which stock of Rs. $500$ was burnt due to fire and was disposed off for Rs. $200$ . Remaining goods were sold at $25 %$ above cost price. Find net profit.

Rs.

6, 250

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Rs.

7, 200

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Rs.

6, 575

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Rs.

5, 950

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Solution

The correct option is A Rs. $5, 950$
Stock available = Rs.5500
Burnt due to fire = Rs.500
Goods available for sale= Rs.5000
25% of Rs. 5000= Rs.1250
Selling price= Rs.6250(5000+1250)
less: loss due to fire=Rs. 300
Net Profit=Rs.5950

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Similar questions

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due to ___________.

Q. An insurance claim of Rs. 300 was accepted in respect of stock of Rs. 500, which was destroyed by fire, Rs.200 not covered by insurance should be debited to ______________.

From the following trial balance prepare trading account, profit and loss account, and balance sheet for the year ended 31st December, 2016.

$\begin{matrix} Account Title & Amt. (Rs.) & Account Title & Amt. (Rs.) Capital & 10, 00, 000 & Sundry Creditors & 97, 000 Life Insurance Premium & 8, 000 & Sales & 12, 00, 000 Plant and Machinery & 2, 50, 000 & Returns Outwards & 10, 000 Stock in the Beginning & 1, 50, 000 & Discount (Dr.) & 8, 000 Purchases & 8, 72, 000 & Discount (Cr.) & 12, 000 Return Inwards & 20, 000 & Rent or Premises Sublet & 10, 000 Sundry Debtors & 2, 10, 000 & Lighting & 5, 000 Furniture & 92, 000 & Salaries & 2, 13, 000 Freehold Property & 4, 00, 000 & Cash & 1, 58, 000 Freight and Duty & 20, 000 & Loan from Bank at 10 % per annum on Carriage Inwards & 8, 000 & 1.1.2016 & 1, 00, 000 Carriage Outwards & 2, 000 & Bank Interest (Dr.) & 9, 000 Trade Expenses & 4, 000 \end{matrix}$

Adjustments:

(i) Stock on 31st December, 2016 was valued at Rs. 3,00,000.

(ii) Stock for Rs. 50,000 was burnt by fire on 25th December, 2016 and the Insurance company admitted the claim of Rs. 30,000.

(iii) Good worth Rs. 15,000 were distributed as free samples, goods worth Rs. 12,000 were used for personal purposes by the proprietor and goods worth Rs. 8,000 were given away as charity.

(iv) Use of goods in business worth Rs. 20,000.

(v) Machine worth Rs. 50,000 burnt by fire on 30th December, 2016 which was not insured.

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There was a stock of Rs. 5,500 out of which stock of Rs. 500 was burnt due to fire and was disposed off for Rs. 200. Remaining goods were sold at 25% above cost price. Find net profit.

The correct option is A Rs. 5,950Stock available = Rs.5500Burnt due to fire = Rs.500Goods available for sale= Rs.500025% of Rs. 5000= Rs.1250Selling price= Rs.6250(5000+1250)less: loss due to fire=Rs. 300Net Profit=Rs.5950

There was a stock of Rs. $5, 500$ out of which stock of Rs. $500$ was burnt due to fire and was disposed off for Rs. $200$ . Remaining goods were sold at $25 %$ above cost price. Find net profit.

The correct option is A Rs. $5, 950$
Stock available = Rs.5500
Burnt due to fire = Rs.500
Goods available for sale= Rs.5000
25% of Rs. 5000= Rs.1250
Selling price= Rs.6250(5000+1250)
less: loss due to fire=Rs. 300
Net Profit=Rs.5950