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Economics, Accounting & Business: Post your doubts here!

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Explanation for q12.

Selling price less the repair costs. compare these values with cost and u take the least value for the stock valuation

so for item A cost=2160 and NRV=2450-190=2260
item B cost=3190 NRV=3060-320=2740

therefore add 2740+2160 and u'll get 4900

Thnks :p
 
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Explanation :/
Explanation for q16

93500 includes 10% of profit therefore u divide 93500 by 110 and multiply by 100 to get the cost. you end up with 85000. out of that 85000 20% is closing stock so take 20% of 85000 which is 17000 and that is the value that comes in your balance sheet.

thenn for the trading account u divide 17000 by 100 and mutliply by 110 to get 18700.
 
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Explanation for q16

93500 includes 10% of profit therefore u divide 93500 by 110 and multiply by 100 to get the cost. you end up with 85000. out of that 85000 20% is closing stock so take 20% of 85000 which is 17000 and that is the value that comes in your balance sheet.

thenn for the trading account u divide 17000 by 100 and mutliply by 110 to get 18700.

Thanks :p :p :p
 
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O/n/2013-13 MS says C. How?
 
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