Verma & Co has a hire purchase department which sells goods at Cost PLUS 50%. From the following information, you are required to ascertain the profit made for the year ended Dec 31, 2009 using stock and debtors method:
|
Rs |
|
|
Stock on hire with customers at selling price as on Dec 31, 2008 |
81,000 |
|
Stock at shop (at cost) as on Dec 31, 2008 |
1,62,000 |
|
Installment due on Dec 31, 2008 |
45,000 |
|
Cash received from customers |
5,40,000 |
|
Goods repossessed (Installments due Rs 18,000) |
4,500 |
|
Installments due from paying customers |
81,000 |
|
Closing stock at shop (including repossessed goods) |
1,84,500 |
|
Purchases made in the year |
5,40,000 |