Neha's warehouse was damaged by fire on 5 November 2003 and most of the stock was destroyed.

Question:

Neha's warehouse was damaged by fire on 5 November 2003 and most of the stock was destroyed. The stock that was salvaged was valued at $12 000.

Neha has provided the following information to enable the cost of the stock lost to be calculated.

Neha's mark-up on goods sold is 33 1/3%.

Required

Calculate the cost of the stock lost in Neha's fire.

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Accounting A Level And AS Level

ISBN: 9780521539937

1st Edition

Authors: Harold Randall

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Question Posted: Aug 27, 2023 08:51 AM

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Neha's warehouse was damaged by fire on 5 November 2003 and most of the stock was destroyed.

Question:

Extracts from Balance Sheet at 30 June 2003: Stock Web 47 000 Debtors 16 000 Creditors 23 000 Further information for the period 30 June 2003 to 5 November 2003: $ 122 000 17 000 138 000 25 37 000 28 000 Receipts from debtors Cash sales Payments to suppliers At 5 November: Debtors Creditors

Step by Step Answer:

Amount Stock at 30 June 2003 47000 Debtors at 30 June 2003 16000 Creditors at 30 June 2003 23000 Rec...View the full answer

Accounting A Level And AS Level

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