India Craft Ltd. keeps no stock records, but a physical inventory of stock is made at the end of each quarter and the valuation is taken at cost.…

India Craft Ltd. keeps no stock records, but a physical inventory of stock is made at the end of each quarter and the valuation is taken at cost. The company’s year ends on 31st March, 2025, and their accounts have been prepared to that date. The stock valuation taken on 31st March, 2025 was, however, misleading, and you have been advised to value the closing stock as on 31st March, 2025 using the stock figure as on 31st December, 2024, along with some additional information provided to you: (i) The cost of stock on 31st December, 2024 as shown by the inventory sheet was - 95,000 (ii) On 31st December, the stock sheet showed the following discrepancies: (a) A page total of 20,000 had been carried to the summary sheet as 21,000 (b) The total of a page had been undercast by - 15,200. (iii) Invoices of purchases entered in the Purchase Book during the quarter from January to March, 2025 totalled - 85,000. Out of this, 18,000 related to goods received prior to 31st December, 2024. Invoices entered in April 2025 relating to goods received in March 2025 totalled - 19,000. (iv) Sales invoiced to customers totalled - 105,000 from January to March, 2025. Of this, 20,000 related to goods dispatched before 31st December, 2024. Goods dispatched to customers before 31st March, 2025 but invoiced in April 2025 totalled - 19,000. (v) During the final quarter, credit notes at invoiced value of 16,000 had been issued to customers in respect of goods returned during that period. The gross margin earned by the company is 25% of cost. You are required to prepare a statement showing the amount of stock at cost as on 31st March, 2025.