You are required to compute the value of closing stock as on Dec 31, 2008 and adjusted net profit…

The Profit and Loss of Account of Renu for the year ended on Dec 31, 2008 showed a net profit of Rs 3,360 after taking into account the physical closing stock of Rs 5,664. On a scrutiny of the books, the information was extracted and furnished as: Renu took goods valued Rs 1,800 for her personal use without making entry in the books. Purchases of the year included Rs 720 spent on purchase of a fan for her shop. Invoices for goods amounting to Rs 4800 have been entered on Dec 20, but such goods were not included in stock. Rs 600 was included in closing stock in respect of goods purchased and invoiced on Dec 18, but included in purchases of Jan. Sales of goods amounting to Rs 732 and delivered in Dec had been entered in Jan sales.

You are required to compute the value of closing stock as on Dec 31, 2008 and adjusted net profit for the year ended on that date.

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