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Accounts doubt

harish ragav (student-IPCC) (407 Points)

10 November 2012

A purchased 1000 kg rice costing 200\each......A exp 5000.....4/5 th of goods sold by B at rs 250/each......remaining taken over by B at cost ......the amt of stock taken over will be?

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9 Replies

RAHUL JOSHI (Doing articleship) (229 Points)
Replied 10 November 2012

rate doesnt matter.he sold all the goods so no stock left with him.

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CA Bhargav Nathwani (CA in Practice) (8307 Points)
Replied 10 November 2012

Per Cost of per kg.=

1000*200=200000+5000=205000/1000=205

Sold=800

Reamining=200

Cost of Reamining stock = stock taken over by B @ cost

= 200units*205per cost= Rs. 41000

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harish ragav (student-IPCC) (407 Points)
Replied 11 November 2012

thanks bro....and pls also explain the below questions......

1) m & n enter into joint venture, m supplies 6000 worth of goods and n sold lot of 7500 & exp of M 100 & N is 200 P&L sharing is equal.....amt of remittance N to m will be? pls explain with answer..........

2) P & Q shared p&l 3:2....p purchased goods costing 200000.other exp 10000......Q sold goods 180000....remaining goods taken over by Q at 20000.....amt of final remittance to be paid by Q to P will be?

3) A bought goods worth 10000 & consigned to B to be sold by them o a joint venture profits & losses shared equally.............A paid exp 1000.... A draws bill for 3 months & discounted with 9500 B sold goods for 15000 commission payable to b is 500.....amt remitted by B to A is ? pls explain........

thanks in advance......

ad95 (none) (117 Points)
Replied 11 November 2012

jv a/c

6000 | 7500

m 100 |

n (exp) 200 |

profit 1200

m 600

n 600

N a/c

7500 | profit 600

exp 200

remitance 6700

Sorrry,in hurry i didnt put exp in cr side of N a/c.

loss=10,000

p=6000

q=4000

in Q a/c post loss 4000 in debit side +sale 180000 +take over 20000

so,remitance=204000

take discounting charge as expense so post in debit side in JV a/c

in B a/c take bills payable 10000

so,remitance is 3000

note-follow process as in 1

rupakgoudel (Student CA CPT ) (24 Points)
Replied 11 November 2012

if you want latest question models and other documents of cpt course then visit https://www.rupakgoudel.com.np/ its still in progress but i will try to upload many more documents in a single place !

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harish ragav (student-IPCC) (407 Points)
Replied 11 November 2012

Originally posted by : aks
	1. jv a/c 6000 \| 7500 m 100 \| n 200 \| profit 1200 m 600 n 600 N a/c 7500 \| profit 600 remitance 6900 but in study material they give amt of remitance is 6700?