SAMPLE QUESTIONS
1. C Ltd. recorded the following information as on March 31,2011:
Stock as on April 01, 2010 Rs. 80,000
Purchases Rs.1,60,000
Sales Rs.2,00,000
It is noticed that goods worth Rs.30,000 were destroyed due to fire. Against this, the insurance company accepted a claim of Rs. 20,000.
The company sells goods at cost plus 33 1/3%. The value of closing inventory, after taking into account the above transactions is,
a) Rs. 10,000
b) Rs. 30,000
c) Rs. 1,00,000
d) Rs. 60,000
2. Following figures have been extracted from the books for the year ended 31st March, 2011:
(i) Cost of goods sold Rs. 35,000
(ii) Closing stock as on 31st March, 2011 Rs. 8,000
(ii) Closing stock as on 31st March, 2011 Rs. 8,000
(iii) Opening stock as on 1st April, 2010 Rs. 10,000
(iv) Purchase Return Rs. 5,000
What would be the amount of gross purchase for the year ended 31st March, 2011?
a) Rs. 33,000
b) Rs. 38,000
c) Rs. 28,000
d) Rs. 37,000