Harish Kumar (IPCC) (475 Points)
16 August 2012Ram of kolkata sends out goods costing Rs. 1,00,000 to Y of mumbai at 20% profit on invoice price.
1/10th of the goods were lost in transit. 1/2 of the balance goods were sold .
the amount of stock reserve on consignment stock will be
Answer is 11,250.......please Solve it in detail..............!!
sudheer
(Accountant)
(72 Points)
Replied 16 August 2012
Cost of Goods Sent on Consignment 100000
Less: Goods Lost in Transit 1/10th 10000
Goods received by consignee 90000
Goods Sold by Consignee ½ 45000
Cost of Goods in Stock 45000
Let us assume invoice value of goods is 100
Profit @ 20% of above will be 20
So Cost Price will be 80
Now doing cross Multiplication(Kilwish)
Stock reserve = Rs. 45000 x 20/80 i.e. Rs. 11250/-
Roshan A
(Chartered Accountant)
(458 Points)
Replied 16 August 2012
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Cost of Goods Sent on Consignment 100000 Less: Goods Lost in Transit 1/10th 10000 Goods received by consignee 90000 Goods Sold by Consignee ½ 45000 Cost of Goods in Stock 45000 Let us assume invoice value of goods is 100 Profit @ 20% of above will be 20 So Cost Price will be 80 Now doing cross Multiplication(Kilwish) Stock reserve = Rs. 45000 x 20/80 i.e. Rs. 11250/- |
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Agree with this explanation
Harish Kumar
(IPCC)
(475 Points)
Replied 16 August 2012
| Originally posted by : sudheer | ||
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Cost of Goods Sent on Consignment 100000 Less: Goods Lost in Transit 1/10th 10000 Goods received by consignee 90000 Goods Sold by Consignee ½ 45000 Cost of Goods in Stock 45000 Let us assume invoice value of goods is 100 Profit @ 20% of above will be 20 So Cost Price will be 80 Now doing cross Multiplication(Kilwish) Stock reserve = Rs. 45000 x 20/80 i.e. Rs. 11250/- |
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You mention here (Kilwish) what is it................??
Roshan A
(Chartered Accountant)
(458 Points)
Replied 16 August 2012
Kilwish in math language is Cross multiplication 
Nibedita Panda
(Student )
(17 Points)
Replied 02 April 2017
Nibedita Panda
(Student )
(17 Points)
Replied 27 April 2017
Nibedita Panda
(Student )
(17 Points)
Replied 28 April 2017
CAclubindia
