Question 41 Chapter 1 of +2-B – T.S. Grewal 12 Class

Question 41 Chapter 1 of +2-B

Question 41 Chapter 1 of +2-B

Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade

41.From the following information of Hospitality Ltd. For the year ended 31st March,2018, calculate amount that will be shown in the Note to Accounts on Changes in Inventories of finished Goods, WIP and Stock-in-Trade:

Particulars Opening Inventory Closing Inventor
Finished Goods 5,00,000 5,50,000
Work-in-Progress  4,50,000 4,25,000
Stock-in-Trade 6,50,000 6,00,000

 The solution of Question 41 Chapter 1 of +2-B: – 

Particulars

Details

Amount
 1.Opening Inventory of Finished goods 5,00,000  
Less: Closing Inventory of Finished Goods 5,50,000  
Change In Inventory of Stock-in-Trade*   (50,000)
2.Opening Work-in-Progress 4,50,000  
Less: Closing Work-in-Progress 4,25,000  
Change In Inventory of Work-in-Progress**   25,000
3.Opening Stock-in-Trade 6,50,000  
Less: Closing Stock-in-Trade 6,00,000  
Change In Inventory of Stock-in-Trade***   50,000

*Change in finished goods=Opening Inventory of Finished Goods-Closing Inventory of Finished goods

**Change in Inventory of Work-in-Progress=Opening Inventory of Work-in-Progress-Closing Inventory of Work-in-Progress

***Change in Inventory of Stock-in-Trade=Opening Inventory of Stock-in-Trade-Closing Inventory of Stock-in-Trade


To understand more about Balance Sheet please check out following links:

Balance Sheet: Meaning, Format & Examples

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Also, Check out the solved question of previous Chapters: –

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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2 Book 3 min 225x300 - Question 41 Chapter 1 of +2-B  - T.S. Grewal 12 Class
T.S. Grewal’s Analysis of Financial Statements

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