Serious damage for stock. The following information is seriousfrom the

1.	Serious damage for stock. The following information is seriousfrom the books and records salvaged. All stock were destroyedexpect to the extent of Rs.6,200.Rs.Stock on 1.1.2018 40,000Purchase during 2018 1,45,000Sales during 2018 2,00,000Stock on 31-12-2018 25,000Purchases from Jan 1 to Oct 10 1,52,200Sales from Jan 1 to Oct 10 1,89,000Assuming that the rate of gross profit on sales has been thesame in 1992 as in 1991, estimate the value of the stock in thegodwon at the time of fire
Answer» Explanation: Deduct the AMOUNT of SALVAGE from the value of stock on the date of fire to GET the value of loss of stock. By Stock on the date of fire XX (bal. fig.) Illustration 1: FIND out sales when cost of goods sold is 80,000 and Gross Profit ratio 20%.

Serious damage for stock. The following information is seriousfrom the books and records salvaged. All stock were destroyedexpect to the extent of Rs.6,200.Rs.Stock on 1.1.2018 40,000Purchase during 2018 1,45,000Sales during 2018 2,00,000Stock on 31-12-2018 25,000Purchases from Jan 1 to Oct 10 1,52,200Sales from Jan 1 to Oct 10 1,89,000Assuming that the rate of gross profit on sales has been thesame in 1992 as in 1991, estimate the value of the stock in thegodwon at the time of fire

Answer»

Explanation:

Deduct the AMOUNT of SALVAGE from the value of stock on the date of fire to GET the value of loss of stock. By Stock on the date of fire XX (bal. fig.) Illustration 1: FIND out sales when cost of goods sold is 80,000 and Gross Profit ratio 20%.

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