Hemant & Co operates a number of retail outlets to which goods are invoiced at wholesale price which is cost plus 25%. These outlets sell the goods at the retail price which is wholesale price plus 20%. Following is the information regarding one of the outlets for the year ending Mar 31, 2010:
|
Rs |
|
|
Stock at the Outlet Apr 1, 2009 |
90,000 |
|
Goods Invoiced to the Outlet during the year |
9,72,000 |
|
Gross Profit made by the Outlet |
1,80,000 |
|
Goods Lost by Fire |
? |
|
Expenses of the Outlet for the year |
60,000 |
|
Stock at the Outlet Mar 31, 2010 |
1,08,000 |
You are required to prepare the following accounts in the books of Hemant & Co for the year ended Mar 31, 2010: (i) Outlet Stock Account, (ii) Outlet Profit and Loss Account, (iii) Stock Reserve Account