Sunshine Ltd. keeps no stock records but a physical inventory of stock is made at the end of each quarter and the valuation is taken at cost. The company's year ends on 31st March, 2024 and their accounts have been prepared to that date. The stock valuation taken on 31st March, 2024 was however, misleading and you have been advised to value the closing stocks as on 31st March, 2024 with the stock figure as on 31st December, 2023 and some other information is available to you: (i) The cost of stock on 31st December, 2023 as shown by the inventory sheet was 80,000. (ii) On 31st December, stock sheet showed the following discrepancies: (a) A page total of 5,000 had been carried to summary sheet as Rs. 6,000. (b) The total of a page had been undercast by 200. (iii) Invoice of purchases entered in the Purchase Book during the quarter from January to March, 2024 totalled 70,000. Out of this ₹ 3,000 related to goods received prior to 31st December, 2023. Invoices entered in April 2024 relating to goods received in March, 2024 totalled 4,000. (iv) Sales invoiced to customers totalled ₹ 90,000 from January to March, 2024. Of this 5,000 related to goods dispatched before 31st Decem ber, 2023. Goods dispatched to customers before 31st March, 2024 but invoiced in April, 2024 totalled 4,000. (v) During the final quarter, credit notes at invoiced value of ₹ 1,000 had been issued to customers in respect of goods returned during that period. The gross margin earned by the company is 25% of cost. You are required to prepare a statement showing the amount of stock at cost as on 31st March, 2024. [MTP Jan. 2025]

From the following information, prepare a Bank Reconciliation Statement as on June 30, 2024 for M/ s. XYZ Limited: i. The Bank column. of Cash Book was overdrawn to the extent of ₹24,768. ii. Bank charges amounting to ₹350 had not been entered in the Cash Book. iii. Cheque amounting to ₹88,678 issued before June 30, 2024 but not yet presented to bank. iv. One payment of ₹4,590 was recorded in the Cash Book as if there is no bank column. v. The company paid ₹15,500 to a creditor and received a cash discount @ 2%. The cashier erroneously entered the gross amount in the bank column of the Cash Book. vi. A debit of ₹ 5,700 appeared in the Bank Statement for an unpaid cheque, Which had been returned marked 'out of date'. The cheque had been re-dated by the customer and paid into the Bank again on July 8, 2024. vii. Cheques deposited in bank but not yet cleared amount to ₹45,789. viii. Dividends of ₹ 1,980 collected by the Bank was not recorded in the Cash Book. ix. Amount of ₹ 2,340 wrongly credited by bank to company account for which no details are available. x. On June 25, 2024 the credit side of bank column of the Cash Book was overcast by ₹6,789. [Jan. 2025, 10 Marks]

The following are the details of a spare part of Sriram Mills : 1-1-2016 Opening Stock Nil 1-1 Purchases 100 units @ Rs. 30 per unit 15-1 Issued for consumption 50 units 1-2 Purchases 200 units @ Rs. 40 per unit 15-2 Issued for consumption 100 units 20-2 Issued for consumption 100 units 1-3 Purchase 150 units @ Rs. 50 per unit 15-3 Issued for consumption 100 units Find out the value of stock as on 31-3-2016 if the company follows: 1. First in First Out basis 2. Last in First Out basis 3. Weighted Average basis [RTP Jan. 2025, Modified]

From the following particulars for the years 2014 and 2015, determine the value of the closing stock at the end of 2015. 2014 2015 Opening Stock Consumption Sales 20,000 1,20,000 2,00,000 30,000 1,90,000 2,40,000 Uniform rate of gross profit may be assumed. At the end of 2015, goods purchased were received, but no entry was made for this credit purchase since invoice was not received. These goods cost Rs. 20,000.

X who was closing his books on 31-3-2016 failed to take the actual Stock which he did only on 9th April, 2016, when it was ascertained by him to be worth Rs. 25;000. It was found that sales are entered in the sales book on the same day of dispatch and return inwards in the return book as and when the goods are received back. Purchases are entered in· the purchases day book· once the invoices are received. It was found that sales between 31-3-2016 and 9-4-2016 as per the sales day book are Rs. 1,720. Purchases between 31-3-2016 and 9-4-2016 as purchase day book are Rs. 120, out of these goods amounting to Rs. 50 were not received until after the stock was taken; Goods invoiced during the month of March, 2016 but goods received only on 4th April, 2016 amounted to Rs. 100. Rate of gross profit is 33 1 / 3% on cost. Ascertain the value of physical stock as on 31-3-2016.

From the following particulars ascertain the value of inventories as on 31st march, 2020 Inventory as on 1st April, 2019 - Rs. 3,50,000 Purchase made during the year - Rs. 12,00,000 Sales - Rs. 18,50,000 Manufacturing Expenses - Rs. 15,00,000 Selling and Distribution Expenses - Rs. 50,000 Administration Expenses - Rs. 80,000 At the time of valuing inventory as on 31st March, 2019, a sum of Rs. 20,000 was written off on a particular item which was originally purchased for Rs. 55,000 and was sold during the year for Rs. 50,000. Except the abovementioned Transaction, gross profit earned during the year was 20% on sales. [Jan. 2021, 5Marks]

From the following information, calculate the historical cost of closing inventories using adjusted selling price method : Purchase during the year - Rs. 5,00,000 Sales during the year - Rs.7,501000 Opening Inventory - Nil Closing Inventory at selling price – Rs. 1,00,000 [July 2021, 5 Marks]; [RTP Jan. 2025; Modified Figures• 2X]