REVISIONARY EXERCISE - 7
1-5-2011 - Capital invested Rs.2,50,000.
2-5-2011 - Purchase Order placed for 500 Mixies for Rs.2,000 each with Sumeet and Co. Godown at Guindy. Due date 1-6-2011.
1-6-2011 - 300 Mixies received from Sumeet & Co. with 30 days credit.
4-7-2011 - Prepare Sales Invoice for sale of 250 Mixies at Rs.2,500 each to Balu Enterprises with 20 days credit.
6-7-2011 - Rs.4,00,000 paid to Sumeet & Co. for the purchases made.
Find out the answers:
1. What is the Stock Position available?
2. How much is payable to others?
3. How much is receivable from others?
4. What is the Purchase Order pending balance?
Stock position : 50 mixies
Payable to others : Rs.2,00,000
Receivable from others : 6,25,000
Purchase Orderoutstanding : 200 mixies