CA CPT Dec 2017 Question Paper Fundamentals of Accounting for online practice

A trader has an opening inventory of ₹ 70,000 on 1.1.2016, which consists of a slowmoving item costing ₹ 10,000 and was written off by ₹ 2,000. This item was sold for ₹ 9,000 during the year. Barring the transaction, the gross profit on sales for the year2016-17 remained at 20%. The sales and purchases during the year amounted to ₹ 5,09,000 & ₹ 3,78,000 respectively. Find the value of closing inventory on31.03.2017: