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Physical verification of stock in a business was done on 23rd June, 2026. The value of the stock was ₹ 48,00,000. The following transactions took…

CA Foundation · Accounting · MTP · September 2026

Physical verification of stock in a business was done on 23rd June, 2026. The value of the stock was ₹ 48,00,000. The following transactions took place between 23rd June to 30th June, 2026: (i) Out of the goods sent on consignment, goods at cost worth ₹ 2,40,000 were unsold. (ii) Purchases of ₹ 4,00,000 were made out of which goods worth ₹ 1,60,000 were delivered on 5th July, 2026. (iii) Sales were ₹ 13,60,000, which include goods worth ₹ 3,20,000 sent on approval. Half of these goods were returned before 30th June, 2026, but no information is available regarding the remaining goods. (iv) Goods are sold at cost plus 25%. However goods costing ₹ 2,40,000 had been sold for ₹ 1,20,000. You are required to determine the value of stock on 30th June, 2026.

Suggested Answer and Working Notes:

Statement of Valuation of Stock on 30th June, 2026 Particulars ₹ Value of stock as on 23rd June, 2026 48,00,000 Add: Unsold stock out of the goods sent on consignment 2,40,000 Purchases during the period from 23rd June, 2026 to 30th June, 2026 2,40,000 Goods in transit on 30th June, 2026 1,60,000 Cost of goods sent on approval basis (80% of ₹ 1,60,000) 1,28,000 7,68,000 55,68,000 Less: Cost of sales during the period from 23rd June, 2026 to 30th June, 2026 Sales (₹ 13,60,000 - ₹ 1,60,000) 12,00,000 Less: Gross profit 96,000 (11,04,000) Value of stock as on 30th June, 2026 44,64,000 Working Notes 1. Calculation of normal sales: ₹ ₹ Actual sales 13,60,000 Less: Abnormal sales 1,20,000 Return of goods sent on approval 1,60,000 2,80,000 10,80,000 2. Calculation of gross profit: ₹ Gross profit or normal sales 2,16,000 20/100 x 10,80,000 Less: Loss on sale of particular (abnormal) goods (2,40,000 less 1,20,000) 1,20,000 Gross profit 96,000

Topics: Inventories

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Physical verification of stock in a business was done on 23rd June, 2026. The value of the stock was ₹ 48,00,000. The following transactions took…

Suggested Answer and Working Notes:

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