umesh yadav (IPCC) (96 Points)
29 May 20111000lts of oil wer consigned to a holesaler the cost being Rs.100/lts by incurring fright Rs 8,000.
10% of loss of oil unavoidable. 8000lts wer sold by the consignee.
the remaining stock of 1000 lts will b valued @ ???
a)1,12,000 b) 1,11,111 c)1,00,800 d)1,00,000
hw is unavoidable exp treated as ??
Daniel Robert
(Accounts Teacher cum Student)
(43 Points)
Replied 29 May 2011
The ans is a) 112,000
The unavoidable loss is treated as normal loss and it is adjusted by inflating the cost of the consignment.
i.e.[ (Total cost of goods+freight)*Qty in stock] / (Total Qty - Normal Loss)
thus{ [(10,000*100)+8,000]*1,000} / (10,000 - 1,000)
SNP
(student)
(44 Points)
Replied 29 May 2011
Abnormal loss should be deducted from the stock or goods sent on consignment.
Below is the solution for your question
| Particulars | Quantity | Amount |
| Total stock | 10000 | 1000000 |
| (+)freight | - | 8000 |
| Total | 10000 | 1008000 |
| (-)loss(10%) | 1000 | - |
|
Total |
9000 |
1008000 |
Now we came to know that for 9000ltrs the cost 1008000.whenever there is abnormal loss per unit cost in this case per litre cost increases let us see how much it has increased
per ltr = 1008000/9000 = 112per ltr
Given 1000ltr is remaining hence:
1000*112 = 112000rs is the amount of remaining stock.
venkat
(CPT)
(25 Points)
Replied 07 June 2011
x sends out goods1000 boxes costing 1lac to Y at cost+20%,consigner expensess fright 6000,insurance2000,Consignee exp : loading & unloading 10000,salary 6000,nd coomisson 2% on gross saleswhat will be the profit 3/4 th goods sold by consignee at 1lac?
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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