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Charles operates a retail business in London. On 30 June 2003, there was a fire
Charles operates a retail business in London. On 30 June 2003, there was a fire
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2025-06-21
32
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问题
Charles operates a retail business in London. On 30 June 2003, there was a fire in his store. His books of account and most of his stock were destroyed. The value of the undamaged stock was agreed at $5,000.
His Trading Account for the year ended 31 December 2002 was as follows:
$ $
Sales 492,000
Opening stock 31,000
Purchases 154,000
185,000
Less: Closing stock 37,400
Gross profit 147,600 344,400
On 1 January 2003, his trade creditors totaled $15,000 and monthly statements received by him in early July showed that the trade creditors on 30 June 2003 amounted to $31,000.
All sales in Charles’ business are on a strict cash basis and his stock is fully insured. According to his bank statements, he received $270,000 from customers and paid $69,000 to suppliers between I January and 30 June 2003.
Charles informs you that he increased his selling prices by 20% on 1 January 2003 but purchase prices have remained unchanged for several years.
Required:
Calculate the cost of the stock lost by Charles on 30 June 2003.
选项
答案
Cost of sales to Sales in the year 2002 was:
$147,600/ $492,000
Then the Cost of sales to Sales in the year 2003 was:
$147,600/ [(1+20%)×$492,000]=0.25
So cost of sales of the period from 1 January 2003 to 30 June 2003 was:
$270,000×0.25=$67,500
Purchases of the same period was:
$69,000+$31,000-$15,000=$85,000
So ending stock on 30 June 2003 was:
$37,400+$85,000-$67,500=$54,900
Then the cost of the stock lost by Charles on 30 June 2003:
$54,900-$5,000=$49,900
解析
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