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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.

A
Rs. 6,250
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B
Rs. 7,200
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C
Rs. 6,575
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D
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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Q. In case the opening stock was Rs. 5,000, purchases Rs.15,000, direct expenses Rs.2,000 and closing stock Rs. 2500, the cost of goods sold had been _______________.
Q. A consigned goods of Rs. 20,000 to M and paid Rs. 1,000 for expense. The consignee paid Rs. 200 for freight and Rs. 100 for octroi. 80% of goods was sold and commission of Rs. 1,000 was paid. Value of closing stock =?
Q. A businessman purchases goods worth Rs.25,00,000 and sold 80% of such goods during the accounting year ending on 31st March, 2011. The market value of the remaining goods was Rs.7,50,000. He valued the closing stock @ Rs.5,00,000 and not at Rs.7,50,000 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 ______________.
Q.

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

Account TitleAmt. (Rs.)Account TitleAmt. (Rs.)Capital10,00,000Sundry Creditors 97,000Life Insurance Premium 8,000Sales12,00,000Plant and Machinery2,50,000Returns Outwards 10,000Stock in the Beginning1,50,000Discount (Dr.) 8,000Purchases8,72,000Discount (Cr.) 12,000Return Inwards 20,000Rent or Premises Sublet 10,000Sundry Debtors2,10,000Lighting 5,000Furniture 92,000Salaries2,13,000Freehold Property4,00,000Cash1,58,000Freight and Duty 20,000Loan from Bank at 10% per annum on Carriage Inwards 8,0001.1.20161,00,000Carriage Outwards 2,000Bank Interest (Dr.) 9,000Trade Expenses 4,000

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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