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The stock was physically verified on 24th March and was valued at Rs.2,00,000. Goods are normally sold by the trader at a profit of 25% on cost. After stock taking the following transactions have taken place till 31st March. Sales of Rs.2,21,600 which includes: (A) Sales of Rs.10,800 at 20% more than the normal selling price. (B) Sales of Rs.10,800 at 10% less than the normal selling price. Required: Determine the value of stock to be taken to the Balance Sheet of PCT Ltd. as at 31st March. |
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Answer» Statement Showing the Valuation of Stock As At 31st March
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