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M/s Manas, Profit and loss account showed a net profit of 32,00,000, after considering the closing stock of 30,00,000 on 31st March, 2024.…

CA Foundation · Accounting · MTP · June 2024

M/s Manas, Profit and loss account showed a net profit of 32,00,000, after considering the closing stock of 30,00,000 on 31st March, 2024. Subsequently the following information was obtained from scrutiny of the books: (i) Purchases for the year included - 1,20,000 paid for new electric fittings for the shop. (ii) M/s Manas gave away goods valued at 3,20,000 as free samples for which no entry was made in the books of accounts. (iii) Invoices for goods amounting to 20,00,000 have been entered on 25th March, 2024, but the goods were not included in stock. (iv) In March, 2024 goods of 16,00,000 sold and delivered were taken in the sales for April, 2024. (v) Goods costing - 6,00,000 were sent on sale or return in March, 2024 at a margin of profit of 33 -1/3% on cost. Though approval was given in April, 2024 these were taken as sales for March, 2024. You are required to determine the adjusted net profit for the year ended on 31.3.2024 and calculate the value of stock on 31st March, 2024.

Suggested Answer and Working Notes:

Profit and Loss Adjustment A/c Particulars Amount (₹) Particulars Amount (₹) To Advertisement (samples) 3,20,000 By Net profit 32,00,000 To Sales (goods approved in April to be taken as April sales) 8,00,000 By Electric fittings 1,20,000 By Samples 3,20,000 By Stock (Purchases of March not included in stock) 20,00,000 To Adjusted net profit 67,20,000 By Sales (goods sold in March wrongly taken as April sales) 16,00,000 By Stock (goods sent on approval basis not included in stock) 6,00,000 78,40,000 78,40,000 Calculation of value of inventory on 31st March, 2024 Particulars Amount (₹) Stock on 31st March, 2024 (given) 30,00,000 Add: Purchases of March, 2024 not included in the stock 20,00,000 Goods lying with customers on approval basis 6,00,000 Total Inventory Value 56,00,000

Topics: Preparation of Final Accounts of Sole Proprietors

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M/s Manas, Profit and loss account showed a net profit of 32,00,000, after considering the closing stock of 30,00,000 on 31st March, 2024.…

Suggested Answer and Working Notes:

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