A firm could do physical stock taking on Jan 9, 2009. The accounts of the firm are closed on Dec 31, every year. The stock on Jan 7, 2009, as disclosed by the store keeper was valued at Rs 91,500. You are required to compute the value of stock as on Dec 31, 2008 taking into consideration the following:
- Purchases from Jan 1, 2009 to Jan 7, 2009 as per invoice book amounted to Rs 17,800. On a careful analysis it was found that a fan purchased for Rs 1,600 was passed through invoice book; purchase book was carried forward Rs 20 less on page 15, and purchase of Rs 2,400 duly recorded in the book is still in transit.
- Goods of Rs 2,700 received on consignment were lying in the store room and were included in stock taking.
- Sales from Jan 1, to Jan 7, 2009 amounted to Rs 20,800. This, however, included the following:
- Goods sent on consignment Rs 2,000, at invoice price is made of cost + 25%.
- Goods sent to branch at invoice price of Rs 840. Invoice price is made at a profit of 1/6th of sale.
- Goods sold at Rs 1,600, loss being 20% on cost.
Sales in the business are made at a profit of 1/3rd of cost.
You are required to prepare a statement showing the actual value of stock as on Dec 31, 2008.