Rama krishnan (CPT) (56 Points)
07 February 2013MR.A started busines with 500000 on 1st jan 2005. during the year he bought goods worth rs 100000 on credit and sold 80% of the same goods at 20 % on cost. at the end of the year 2005, the amt of opening stock to be shown in the trail balance of mr.A will be?
pls ans and explain......
Anil Dandu
(CA FINAL)
(205 Points)
Replied 07 February 2013
opening stock was nil. becoz he does not purchase at the starting of the year.
Rama krishnan
(CPT)
(56 Points)
Replied 07 February 2013
| Originally posted by : Anil Dandu | ||
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opening stock was nil. becoz he does not purchase at the starting of the year. |
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sry bro i cant understand pls explain hw it is?
pace2race
(Providing Career Guidance)
(193 Points)
Replied 07 February 2013
Rama,
Stock which is carried forward from previous year is termed as opening stock. Since this stock was purchased during the year, the opening stock will be zero.
Prabhat Mittal
vignesh
(B-com CS CA-Final CFA-level 1 candidate)
(1053 Points)
Replied 08 February 2013
opening stock is nil.
no stock was carried foraward from previous year
Rama krishnan
(CPT)
(56 Points)
Replied 08 February 2013
P sent out goods costing Rs 45000 to Y at cost +33.33.1/10th of the goods were lost in transit.2/3rd of the goods recceived are sold at 20 % above invoice price. the amount of sale value will be?
Jag Bhushan Sharma
(Faculty in a B-School)
(633 Points)
Replied 10 February 2013
invoice price = (45000 + 15000) 60000 Good lost in transit (6000) Goods received 54000 Cost of Goods sold 54000 x 2/3 = 36000 Sales value (36000 x 1.2) 43200 I am adding a link here for ACCOUNTS videos. Each week I upload at least one video. Your comments are most welcome: https://www.youtube.com/user/jbsclasses
CAclubindia
