Tag: closing stock
Questions Related to closing stock
Economic order quantity is that quantity at which cost of holding and carrying inventory is ________________.
If a venturer draws a bill on his co-venturer and if the drawer discounts the bill with same sets of books maintained, the discounting charges will be borne by _______________.
A purchased goods costing 45,000. B sold goods costing Rs. 40,000 at Rs. 50,000. Balance goods were taken over by A at same gross profit percentage as in case of sale. The amount of goods taken over will be ________.
A and B enter into a joint venture sharing profits and losses equally. A provides goods from his stock Rs. 10,000. He pays expenses amounting to Rs 1000. B incurs further expenses on carriage Rs. 2,000. He receives cash for sales Rs. 15,000. He also takes over goods to the value of Rs. 3,000. What will be the amount to be remitted by B to A Rs.
M and N enter into a joint venture where M supplies goods worth Rs. 6,000 and spends Rs. 300 on various expenses. N sells the entire lot for Rs. 7,800 meeting selling expenses amounting to Rs. 300. Profit sharing ratio equal. N remits to M the amount due. The amount of remittance will be _______________.
A bond whose price will rise above its face value is classified as _______________.
A invoiced out certain goods so as to show a profit of 20% on invoice price. 1/10th of the goods were lost in transit. The cost price of goods lost is Rs 40,000. The invoice value of goods sent out will be ___________.
Ram sends goods on approval basis as follows :
| Date January | Customer's name | Sale price of Goods sent | Goods accepted | Goods returned |
|---|---|---|---|---|
| Rs | Rs | Rs | ||
| 10 | A | 3,600 | 3,000 | 600 |
| 12 | B | 2,000 | 2,000 | - |
| 15 | C | 2,680 | - | 2,680 |
| 25 | D | 2,260 | 2,000 | 260 |
The stock of goods sent on approval on 31st January will be:
In a joint venture, A contributes Rs. 8,000 and B contributes Rs. 10,000. Goods are purchased for Rs. 11,000. Expenses amount to Rs. 1,000. Sales amount to Rs. 14,000, the remaining goods were taken by B at an agreed price of Rs. 400. A and B share profits and losses in the ratio of 1:2 respectively. As a final settlement, how much A will receive ?
Under sales on return or approval basis, when transactions are few and the seller at the end of the accounting year reverses the sale entry, then the accounting treatment for the goods returned by the customers on a subsequent date will be ______________.