M/s X, Y and Z are in retail business. The following information is obtained from their records for the year ended 31-03-2014.
Goods received from suppliers Rs 17,25,000(Subject to trade discount & taxes)
Trade discount 3% and Sales Tax 11%
Packaging & Transportation Charges Rs 95,000
Sales Rs 25,00,000
Selling price of closing inventory Rs 4,00,000
Find out the historical cost of inventory by using adjusted selling price method.

Question

Examsnet · Accepted Answer

Correct Answer is : Rs 2,69,280

CA CPT June 2015 Question Paper Fundamentals of Accounting for online practice