Practice Test

The books of CAS Ltd reveled the following information for the year 2006-2007 ; cost of goods available for sale Rs.2,00,000 Opening inventory Rs.1,60,000 ;total sales Rs.1,60,000 ;gross profit on margin 25 % .the closing stock for the year 06-07 are

Consider the following information pertaining to N Ltd for the month of March 2007: Date :-01-03-2007 , Particulars :Quantity(kg) :- Nil, Rate :- Rs.0 ,Issues :- :,Quantity(kg) ;- 0 :, Balance:-Quantity(kg) :- 500 , Rate :- Rs.45.60 ,: Date :-02-03-2007 , Particulars :Quantity(kg) :- 400, Rate :- Rs.48 ,Issues :- nil ;,Quantity(kg) ;- 0 :, Balance:-Quantity(kg) :- 0 , Rate :- -:,Date :-10-03-2007 , Particulars :Quantity(kg) :- 600, Rate :- Rs.50 ,Issues :- :,Quantity(kg) ;- 0 :, Balance:-Quantity(kg) :- 0 , Rate :-0 , Date :-25-03-2007 , Particulars :Quantity(kg) :- 0, Rate :- Rs.0 ,Issues :- :,Quantity(kg) ;-1, 000 :, Balance:-Quantity(kg) :- 0 , Rate :-0. If the company uses weighted average method for inventory valuation , the value of inventory as on March 31,2007 is

The following details supplied to Cas Ltd in respect of its raw material for the month of December 2007 , Date :-01-12-2007 , Particulars :Receipts (units ) :- 2,000 opening, Rate :- Rs.10 ,Issues units) ;- 0 : Date :-07-12-2007 , Particulars :Receipts (units ) :- 1,000, Rate :- Rs.12 ,Issues :- nil ; Date :-10-12-2007 , Particulars :Receipts (units ) :- 0, Rate :- Rs.0 ,Issues (units ) ;-2,500 ; Date :-15-12-2007 , Particulars :Receipts (units ) :- 2,000, Rate :- Rs.13 ,Issues :- nil ; Date :-31-12-2007 , Particulars :Receipts (units ) :- 0, Rate :- Rs.0,Issues :- 2,200 ; ,On 31.12.2007 , a shortage of 100 units was found. using the data given in the problem , the value of issue in the month of December 2007 using FIFO method principle