From the given data find out the historical cost of inventories using adjusted selling price method: Goods received from Suppliers (Subject to trade discount and taxes)Trade discount is 3% and Sales tax is 11% ₹15,75,500 Packaging and transportation charges ₹ 87,500 Sales during the year ₹ 22,45,500 Sales price of closing inventories ₹ 2,35,000

Correct Answer is : ₹ 1,68,988

CA CPT Model Test Paper 9 with solutions for online practice

Question : 50 of 199

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From the given data find out the historical cost of inventories using adjusted selling price method:

Goods received from Suppliers (Subject to trade discount and taxes)Trade discount is 3% and Sales tax is 11%	₹15,75,500
Packaging and transportation charges	₹ 87,500
Sales during the year	₹ 22,45,500
Sales price of closing inventories	₹ 2,35,000

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