Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Que 6 On 30 September,2018 fire occurred in the premises of Oxymoron LLC. The concern had taken an insurance policy of RO 65,250 which was

image text in transcribed
Que 6 On 30 September,2018 fire occurred in the premises of Oxymoron LLC. The concern had taken an insurance policy of RO 65,250 which was subject to an average clause. From the books of accounts, the following information is available relating to the period from 1st April 2018 to 30 September 2018. 1. Stock as per Balance sheet 31 March 2018, RO 103,965 2. Purchases (including purchase of machinery costing RO 32,625) RO 184,875 3. Wages (including wages for installing machinery RO 3,262) RO 54,375 4. Sales (including goods sold on approval basis amounting to RO 53,832) RO 299,063. No approval has been received in respect of the 2/3 of the goods sold on approval. 5. The average rate of gross profit is 20% on sales. 6. The value of salvaged goods was RO 13,375

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Essential Nonprofit Fundraising Handbook

Authors: Michael A. Sand, Linda Lysakowski

1st Edition

1601630727, 978-1601630728

More Books

Students also viewed these Finance questions

Question

Explain the importance of nonverbal messages.

Answered: 1 week ago

Question

Describe the advantages of effective listening.

Answered: 1 week ago

Question

Prepare an employment application.

Answered: 1 week ago