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Stock Valuation

Stock Valuation

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Published by: AMIN BUHARI ABDUL KHADER on Dec 22, 2008
Copyright:Attribution Non-commercial

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01/13/2013

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S. Y.COM
 
Omtex – classes
STOCK VALUATION “THE HOME OF TEXT” NOTES
1. Calculate by FIFO method of inventory valuation, the cost of goods sold and value of endinginventory from the following data:
Date of transaction Units Price per unitJanuary 1February 2March 15March 15April 10May 15June 10Opening stock PurchasedPurchasedSoldSoldPurchasedSold1,5007506001,800750600750202522--25-
2. On 1
st
April, 2000, a trading company has 6,000 of a certain product , valued at Rs .75,000.Purchases and sales during the six months ending 30
th
sept .2000 were as under:-
Date of transaction Units and rateSales toPurchases onSales toPurchases onSales to18
th
June 200019
th
June 200025
th
august 200026
th
august 200030
th
septembter20002,500 units at Rs .15 each5,000 units at Rs .13 eachCarriage inward Rs.5004,000 units at Rs.16 each6,000 units at Rs.14 eachCarriage inward Rs.6006,500 units at Rs. 17 each
Ascertain (i) the cost of goods sold for six months (ii) the cost of stock on hand as on 31
st
sept2000 and (iii) gross profit under FIFO method and also prepare trading account.3. Keep stock record on weighted average basis from the following transactions:Purchases: March 2000
Date Units Rate per unit149152531500700900300200500182018252025
Sales : March 2000
Date Units Rate per unit271118272005004008005002225212825
Find out of cost goods sold, cl.stock and profitOMTEX - CLASSES OMTEX - CLASSES
 
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S. Y.COM
 
Omtex – classes
STOCK VALUATION “THE HOME OF TEXT” NOTES
4. Following are the purchases and sale of wheat in the months of March, 2003.Prepare a statement showing the valuation of stock on the basis of (i) FIFO (ii) Wt. avg. cost
Date2003Purchases(kg,)Rate(Rs.)Sales(Kg.)March 1251018232931600-300-200-400-4-3.80-4.20-4.40--300-200-400-300
Out of purchases March 5, 50 kg.s were returned to the suppliers on March 8.Out of sales on March 23, a customer returned 20 kgs .on march 26.5. The following is an extract of the record of receipts and issues of sulphur in a chemicalfactory during feb.2001:Feb
1 Opening balance 500 tonnes @ Rs.200.3 Issue: 70 tonnes4 Issue: 100 tonnes8 Issue: 80 tonnes13 Received from supplier 200 tonnes @ Rs.19014 Returned from department 15 tonnes16 Issue: 180 tonnes20 Receivedfrom supplier 240 tonnes @ 19024 Issue: 300 tonnes25 Received from supplier 240 tonnes @ 19026 Issue: 115 tonnes27 Returned form department 35 tonnes28 Received from suppliers 100 tonnes @ Rs.190
Issues are to be priced on the principle of FIFO. The stock verifier of the factory had found ashortage of 10 tonnes on the 22
nd
and left a note accordingly. Draw up a priced stores ledgercard for the material, showing the above transactions.6. Find the value of closing stock under FIFO and Wt. avg. Mtd from the followinginformation
January 2001 Units @ Rs.148101116182329Opening stock SalesPurchasesSalesSalesPurchasesSalesPurchasesSales7003009005001008004001,100600566.507.00
The market value of closing stock on 31
st
January,2001 was Rs . 6.50
 
OMTEX - CLASSES OMTEX - CLASSES
 
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S. Y.COM
 
Omtex – classes
STOCK VALUATION “THE HOME OF TEXT” NOTES
 
OMTEX - CLASSES OMTEX - CLASSES
 
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