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  • Understanding Cost of Goods Sold1

    Загружено:

    shivam choudhary
    15 просмотров4 страницы
    The document contains details of opening and closing stock quantities and amounts, purchases made during the year, and issues/sales made. It asks to calculate the cost of goods sold and amount to be issued if the FIFO (First In First Out) and weighted average costing methods are followed. It also contains details of excise duty and VAT calculations on purchases and sales amounts along with journal entries to account for them.

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    Understanding-cost-of-Goods-Sold1

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    The document contains details of opening and closing stock quantities and amounts, purchases made during the year, and issues/sales made. It asks to calculate the cost of goods sold and amount to be issued if the FIFO (First In First Out) and weighted average costing methods are followed. It also contains details of excise duty and VAT calculations on purchases and sales amounts along with journal entries to account for them.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате XLSX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    15 просмотров4 страницы

    Understanding Cost of Goods Sold1

    Загружено:

    shivam choudhary
    The document contains details of opening and closing stock quantities and amounts, purchases made during the year, and issues/sales made. It asks to calculate the cost of goods sold and amount to be issued if the FIFO (First In First Out) and weighted average costing methods are followed. It also contains details of excise duty and VAT calculations on purchases and sales amounts along with journal entries to account for them.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате XLSX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 4

    1.4.

    2015 100 1000


    2015-16 1000 11000
    31.3.2016 100? FIFO 1100
    Weighted avg 1091

    Qty Amount (Rs.)


    Stock in hand 100 1000
    Purchases-1 1000 11000
    Purchases-2 1000 12 12000
    Issued -1500 -16800at what amount i
    Closing inventor 600 12 7200If Weighted avera
    Cost of Goods So
    FIFO
    WA

    Purchases 100000 Sales 700000


    Excise duty 5000 5%Excise duty 70000
    105000 770000
    VAT 10500 10% VAT 38500
    115500 808500

    Excise duty payable Dr


    CENVAT Refundable Cr
    Bank Cr
    VAT Payable Dr
    VAT Refundable Cr
    Bank Cr
    what amount issue should be made if you follow FIFO?
    Weighted average ?
    t of Goods Sold
    16800
    17142.86 11.42857

    10%

    5%

    70000
    5000
    65000
    38500
    10500
    28000

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