Test Preparation on CA/CS Foundation MCQ Question Inventry I
1.
Stock in hand thatJs not included in inventory is -
2.
A firm closes their financial books on 31? March. Stocktaking could be completed after two weeks i.e. 15thApril the value arrived was 25000. During the twoweeks purchases were ? 1000 and sales were of ?4000. GP Ratio of the firm Is 30%. Ascertain the valueof closing stock as on 31st March.
3.
State with reference to Accounting Standard 2 how willyouvalue the inventories in the following case. A Ltd.uses a single raw material and. converts it into afinished product. During the current period thefollowing details per unit of finished product arefurnished - (a) Raw materials 3 units @ ? 8 each ? 24(b) Cost of conversion ? 26 (c) Selling price ? 75. At theyear-end tjiere was a great fall in the price of theproduct to ? 45. At present the raw materials can bepurchased at ? 4 per unit. There are 100000 units ofraw material in stock purchased at a cost of ? 8 perunit. The Value of Closing Stock is -
4.
State with reference to Accounting Standard 2 how willyou value the inventories in the following case Cool-Airhas purchased 10000 coolers at an average cost of X8000 each. At the year-end there were 2000 coolersin stock. Of these 500 are ear-marked against a salecontract at a price of f 9000 each. The general marketprice has however dropped to an average of ? 7500-each. The value of closing stock at the year-end is
5.
C Ltd. took stock on 31-3-2009 the last day of itsaccounting year. The stock was valued at 50000. Apurchased bill for ?_4000 was accounted without thegoods being received. The average gross profit is 20%on sales. While computing the value at which theclosing stock is to be brought in the books
6.
D Ltd. took stock on 31-3-2009 the last day of itsaccounting year. The stock was valued at ? 50000. Acustomer refused to accept goods worth 1000 andreturned the same on 29-3-2009. The credit note is yetto be raised. The average gross profit is 20% on sales.While computing the value at which the closing stock isto be brought in the books
7.
E Ltd. took stock on 31-3-2009 the last day of itsaccounting year. The stock was valued at X 50000.Stock included goods received on consignment basisworth X 2200. The average gross profit is 20% onsales. While computing the value at which the closingstock is to be brought in the books
8.
F Ltd. took stock on 31-3-2009 the last day of itsaccounting year. The stock was valued at X 50000Stock worth X 3000 at selling price was lying withcustomers on consignment basis. The average grossprofit is 20% on sales. While computing the value atwhich the closing stock is to be brought in the books
9.
G made up his annual accounts upto November. Stocktaken on 7th December was found to be worth ?394800 valued at cost. The rate of gross profit earnedwas 30% on sale price. Further: A sub-total of? 27600on a stock sheet was carried to the summaryof stocksheets as ? 26700. While computing the closing stockto be brought into books
10.
H made uphis annual accounts upto November. Stocktaken on 7th December was found to be worth ?394800 valued at cost. The rate of gross profit earnedwas 30% on sale price. Further: One stock sheet wasovercast by ? 3000. While computing the closing stockto be brought into books
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