X who was closing his book on 31.03.2007 failed to take the actual stock which he did on 9th April , when it was ascertained by him to be worth Rs.50,000 . It was found that sales are entered in the sales day book on the same day of dispatch & the returns inward in the return book as & when the goods are received back .Purchase are entered in the purchase day book once the invoice are received .observation (I) Sales between 31st march & 9th April as per sales book are Rs.1,720 . Rate of gross profit is 33 1/3% on cost . (ii) Purchase during the same period as per purchase book are Rs.120. (iii) out of the above purchase ,goods amounting to Rs.50 were not received until after the stock was taken . (iv) Goods invoiced during the month . but goods received only on 4th April ,amounted to Rs.100 .The value of physical stock on 31st march is
View solution