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VDO+ Tag:Question 118 Chapter 14 of Class 12 Part – 2 – 2024
Miscellaneous (Analytical Questions)
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Video Tag:118. (Calculation of Opening Inventory & Closing Inventory) Calculate the amount of opening stock and closing stock from the following figures:-
Average Debt Collection period 4 months; Inventory Turnover ratio 3 times, Average Trade Receivable ₹ 1,00,000; cash sales being 25% of total sales; Gross profit ratio 25% Inventory at the end was 3 times more than that in the beginning.
The solution of Question 118 Chapter 14 of Class 12 Part – 2 – 2024: –
| Average Debt Collection Period | = | No. of working days |
| Debtors Turnover Ratio | ||
| 4 | = | 12 Months |
| Debtors Turnover Ratio | ||
| Debtors Turnover Ratio | = | 12 |
| 4 | ||
| = | 3 times |
| Debtors Turnover Ratio | = | Net Credit Sales |
| Average Debtors | ||
| 3 | = | Net Credit Sales |
| ₹ 1,00,000 | ||
| Net Credit Sales | = | 3 x 1,00,000 |
| = | ₹ 3,00,000 | |
| Let Assume Total Sales | = | ₹ 1 |
| Cash Sales | = | 1 |
| 4 |
| (i) Return on investment Ratio | = | ₹ 1 | – | 1 |
| 4 | ||||
| = | 3 | |||
| 4 | ||||
| Total Sales | = | 3 | X | x ₹ 3,00,000 |
| 4 | ||||
| = | ₹ 4,00,000 | |||
| Cost of goods sold | = | Sales – Gross Profit | ||
| = | ₹ 4,00,000 – 25% | |||
| = | ₹ 4,00,000 – ₹ 1,00,000 | |||
| = | ₹ 3,00,000 | |||
| Inventory Turnover Ratio | = | Cost of goods sold | ||
| Average Inventory | ||||
| 3 | = | ₹ 3,00,000 | ||
| Average Inventory | ||||
| Average Inventory | = | ₹ 3,00,000 | ||
| 3 | ||||
| = | ₹ 1,00,000 | |||
| Average Inventory | = | Opening Stock + Closing Stock | ||
| 2 | ||||
| ₹ 1,00,000 x 2 | = | Opening Stock + Closing Stock | ||
| = | ₹ 2,00,000 | |||
| Opening Stock | = | ₹ 1 | ||
| Closing Stock | = | ₹ 3 | ||
| Total Stock | = | 1 + 3 | ||
| = | 4 | |||
| Opening Stock | = | ₹ 2,00,000 | X | 1 |
| 4 | ||||
| = | ₹ 50,000 | |||
| Closing Stock | = | ₹ 1,00,000 | X | 3 |
| 4 | ||||
| = | ₹ 1,50,000 |
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End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Ratio Analysis
Chapter No. 15 – Cash Flow Statement
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Check out Part 1 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 1, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 1 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication