The financial year of Bhagya ends on Dec 31, 2009, but the stock in hand was physically verified only on Apr 9, 2009.
You are required to calculate the value of Closing Stock at cost as on Mar 31, 2009 from the following information:
- The stock at cost as verified on Apr 9, 2009 was Rs 30,000.
- Sales have been entered in the sales day book only after the despatch of goods and sales return only on receipt of goods.
- Purchases have been entered in the purchases day book only on receipt of the purchase invoice irrespective of the date of receipt of goods.
- Sales as per sales day book for the period from Apr 1 to Apr 9, 2009 (before actual verification) amounted to Rs 12,000 of which goods of the value of Rs 2,000 had not been delivered at the time of verification.
- Purchases as per the purchases day book for the period from Apr 1 to 9, Apr 2009 (before the actual verification) amounted to Rs 12,000 of which goods for purchases of Rs 3,000 had not been received at the date of verification and goods for purchases Rs 10,000 has been received prior to Mar 31, 2009.
- In respect of goods costing of Rs 10,000 received prior to Mar 31, 2009, invoices had not been received upto date of verification of stocks.
- Gross profit is 20% on sales.