CA CPT 2014 Dec Question Paper Fundamentals of Accounting for online practice

S Ltd. follows perpetual inventory system. On March 31 of every year, the company undertakesphysical Inventory verification. On March 31, 2011, the value of Inventories as per the records differedfrom the value as per the physical Inventory. On scrutiny, the following differences were noticed:Goods purchased for Rs.10,000 were received and included in the physical Inventory but no entry wasmade in the books. Goods costing Rs.30,000 were sold and entered in the books but the Inventory is yetto be delivered. Goods worth Rs.5,000 are returned to the suppliers but is omitted to be recorded. Ifthe inventory is valued in the books at Rs.1,50,000, the value of the physical inventory is