Sumit (Chennai) (69 Points)
28 February 2010how to calculate the following
debtors velocity - 3 months
stock velocity - 6 months
creditors velocity - 2 months
GP Ratio - 20% GP for the year 5 lakhs. stock at end is more than 20000 opening stock. bills payable and bills receivable are 36667 and 60000/-
how to calculate - sales , Sundry debtors , Sundry creditors and Stock .
J. Divya
( b.com & ca final student)
(41 Points)
Replied 28 February 2010
just wanted to knw if the 3 new accounting standards apply at the pcc level or not?????
Shikha Bajaj
(CA )
(433 Points)
Replied 01 March 2010
Pls find the solution.
Thnx
Shikha
Sumit
(Chennai)
(69 Points)
Replied 01 March 2010
hi answer is wrong for stock and debtors . debtors value is 5.65 lakh and answer for closing stock is 10.10 lakh
purushothman
(student)
(22 Points)
Replied 01 March 2010
1.sales = 5,00,000/20*100=25,00,000
2. Debtors = 25,00,000*3/12 = 6,25,000-60000= 5,65,000
3. Creditors = 20,40,000*2/12 = 3,40,000-36,666 = 3,03,334
4. Average stock = 20,40,000/2 = 10,20,000
Op.Stock = 9,80,000
Cl.Stock = 10,20,000
Shikha Bajaj
(CA )
(433 Points)
Replied 01 March 2010
Pls find the correct file. Inconvience is regretted.
kumar
(Dy Mgr finance)
(24 Points)
Replied 01 March 2010
sales = GP/GPR = 5 lacs/ 20% = Rs.25 lacs
Debtors = 25,00,000*3/12 = 6,25,000-60000= 5,65,000
COG = TS -GP= Rs25-5 = Rs20 lacs
Avg Stock = COG*6/12 = Rs20 lacs /2 = Rs.10 lacs
AVG stock = (OPStock + Clstock)/2 => ( OPSTock + Opstock +20000)/2 => Opstock +Rs10000
Avg stock = Rs10 lacs
optstock +Rs0.10 lacs = Rs10.lacs
optstock = Rs 10 lacs -0.10 lacs = Rs 9.90 lacs
Clstock = opstock +0.20 lacs => Rs9.9 lacs +0.20 lacs = Rs 10.10 lacs
stock = Rs10.10 lacs
jayesh.mehta
(PROPRIETOR)
(21 Points)
Replied 01 March 2010
hello,
i would like to know as per new bugdet if i want to import a construction equipment does it come under custom duty or not, if yes please let me know how to calculate the duty with a example?
Sumit
(Chennai)
(69 Points)
Replied 02 March 2010
hi guys u have been subtracting receivables it should not be the case refer formula denominator has average receivable.
Shikha Bajaj
(CA )
(433 Points)
Replied 02 March 2010
Sumit
When we r unable to compute avg. receivables or payable for the want of infn., we can take closing receivables or payables.
Hope ur doubts get resolved.
Thnx
CAclubindia
