Practice Test

Consider the following information pretaining to credit purchase made by K Ltd.,a dealer in electronic goods for the month of March 2005: Date :-March 01 , Particulars :- Black & White TV's , No.of units - 50 , Rate per unit :- 3,000 , Trade Discount ;-10% , Date :-March 01, Particulars :-colour TV's :- No.of units -: 10 , Rate per unit :- 6,000 , Trade Discount ;-10% , Date :-March 09, Particulars :- Tape Recorders No.of units -: 10 , Rate per unit :- 1,000 , Trade Discount ;-10%, Date :-March 09, Particulars :- Two-in-one , No.of units -: 10 , Rate per unit :- 1,500 , Trade Discount ;-10% ,Date :-March 19, Particulars :- Audio cassettes , No.of units -: 100 , Rate per unit :- 30 , Trade Discount ;- 5% . On March 22 , 2005 , the company purchased from LM Stationers on credit for office use 10 dozens of carbon papers at the rate of Rs.35 per dozen and 10 dozen of ball pens at the rate of Rs.25 per dozen. At the time of making payment on March 31,2005 ,the suppliers have allowed a cash discount of 10%on the above purchases. The total of purchases for the month of march 2005,was

Bharat Indian Oil is a bulk distributor of petrol .A periodic inventory of petrol on hand is taken when the books are closed at the end of each month .the following summary of information is available for the month : sales Rs.9,45,000 ; General administration cost Rs.25,000 ; Opening Stock : 1,00,000 litres @ Rs.3 per liter Rs.3,00,000 . ;Purchases (including freight inward) ;June 1- 2,00,000 litres @ Rs.2.85 per litre ; June 30 -1,00,000 litres @ Rs.3.03 per litre ;June 30- Closing stock 1,30,000 litres . The value of inventory on June 30 using LIFO method of inventory costing is

S Ltd. Follows perpetual Inventory system. On March 31 of every year , the company undertakes physical stock verification .On March 31,2004,the value of stock as per the records differed from the value as per the physical stock. On scrutiny , the following differences were noticed : Goods purchased for Rs.10,000 were received and included in the physical stock but no entry was made in the books . Goods costing Rs.30,000 were sold and entered in the books but the stock is not yet to be delivered. Goods worth Rs.5,000 are Returned to the suppliers but is omitted to be recorded. If the inventory is valued in the books at Rs.1,50,000,the value of the physical inventory is