G.K. Sports of Calcutta has a retail branch at Kanpur. Goods are sold to customers at cost
Question:
G.K. Sports of Calcutta has a retail branch at Kanpur. Goods are sold to customers at cost plus 100%. The wholesale price is cost plus 80%. Goods are invoiced to Kanpur at wholesale price. From the following particulars, find out the value of closing stock on 31st December, 2017 and profit made at head office and Kanpur for the year 2017.
Sales at head office are made only on wholesale basis and that at branch only on retail basis .
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To calculate the value of the closing stock on December 31 2017 and the profit made at both the head office and the Kanpur branch for the year 2017 we...View the full answer
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Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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