X Ltd. purchased goods at the cost of ₹60 lakh in November, 2020. Till March, 2021, 75% of the stock was sold. The company wants to disclose stock at ₹15 lakh. The expected sale value is ₹16.50 lakh and a commission at 1
CS Executive · Corporate and Management Accounting · PYQS · June 2022
X Ltd. purchased goods at the cost of ₹60 lakh in November, 2020. Till March, 2021, 75% of the stock was sold. The company wants to disclose stock at ₹15 lakh. The expected sale value is ₹16.50 lakh and a commission at 10% on sale value is payable to the agent. What is the correct closing stock to be disclosed as at 31st March, 2021 as per AS-2?
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Corporate Accounting
Related Questions in this Topic
- The date that award exercised satisfied conditions of agreement is called:
- Which of the following is not the method of valuation of goodwill?
- Which of the following is not a method of business valuation?
- An investor wants to invest in the equity shares of XYZ Ltd for one year. The company is expected to declare a dividend ...
- Asset backing or intrinsic value or break-up value method is also called :