Question

X who was closing his book 31st march failed to take the actual stock which he did on 9th April, when it was ascertained by him to be worth Rs.50,000
It was found that sales are entered in the Sales Day Book on the same day of dispatch and the returns inward in the return book as and when goods are received back . Purchases are entered in the Purchase Day Book once the invoices are received .Observations-
(i) Sales between 31st March and 9th April as Sales Book are Rs.1,720.Rate of gross profit is 1/3rd on cost.
(ii) Purchases during the same period as per Purchases Book are Rs.120.
(iii) Out of above purchases , goods amounting to Rs.50 were not received until after the stock was taken.
(iv) Goods invoiced during the month of March , but goods received only on 4th April , amounted to Rs.100.
The Value of physical stock on 31st March is ________________.

• A. Rs.51,320
• B. Rs.51,120
• C. Rs,31,190
• D. Rs.48,530

Answer 1

Answer: (B)

Rs.51,120

Stock as on 9th April = 50,000

Add:-cost of sales during 31st march to 9th April = 1,290

( 1790 x 100/133.33)

Less:- Purchases during the period (120 - 50) = ( 70)

Goods not received until 31st march = (100)

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= 51,120