CA CPT Model Test Paper 9 with solutions for online practice
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Question : 51 of 199
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Calculate closing inventory from the following information:
At the time of valuing inventory stock as on 31st March 2010, a sum of ₹ 1,750 was written off on a particular item, which was originally purchased for ₹ 5,000 and was sold during the year for ₹ 4,500. Barring the transaction relating to this item, the gross profit earned during the year was 20% on sales.
| Inventory as on 01.04.2010 | ₹ 14,250 |
| Purchase | ₹ 76,250 |
| Manufacturing Expenses | ₹ 15,000 |
| Selling Expenses | ₹ 6,050 |
| Administrative Expenses | ₹ 3,000 |
| Financial Charges | ₹ 2,150 |
| Sales | ₹ 1,24,500 |
At the time of valuing inventory stock as on 31st March 2010, a sum of ₹ 1,750 was written off on a particular item, which was originally purchased for ₹ 5,000 and was sold during the year for ₹ 4,500. Barring the transaction relating to this item, the gross profit earned during the year was 20% on sales.
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