CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 21 November 2009
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 21 November 2009
1st Answer :
SP = 176000 @ 10 % PROFIT
Hence, IP = 176000*100/110 = 160000
Now, these are the 1/2 goods, that means IP of all the goods = 160000*2 = 320000
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 21 November 2009
While for 2nd :
the goods are invoiced at 20% profit at IP.,, that means the cost is 80%..
Hence, IP = 100000*100/80 = 125000
1/10 GOODS LOST. So, remaining = 125000-12500 = 112500
And hence 1/2 of the goods value = 112500/2 = 56250
And stock reserve on them = 56250*20/100 = 11250
CA. SUDHARSAN K G
(Chartered Accountant)
(472 Points)
Replied 22 November 2009
Q!
|
Please understand the following workings: Particulars |
% | Amount |
| Goods Cost | 100 | |
| Reserve | 25 | |
| IP | 125 | 320000 |
| Margin by Y | 12.5 | |
| SP | 137.5 | 352000 |
| if SP of 1/2 of goods sold is | 176000 | |
| SP for the entire goods | 352000 | |
|
|
|
Q2
Particulars |
% | Amount | |
| Goods Cost | 100 | 100000 | |
| Reserve on Cost | 25 | 25000 | |
| IP | 125 | 125000 | |
| 1/10 lost in Transit | |||
| Cost of the Lost | 10000 | ||
| Reservve on above | 2500 | ||
| IP of the Lost | 12500 | ||
| Particulars | Total Available | Actual Sales | Balance |
| Cost of Goods Available for Sale | 90000 | 45000 | 45000 |
| Margin of the above | 22500 | 11250 | 11250 |
| IP | 112500 | 56250 | 56250 |
Hope you have clear picture
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
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