Answer to Question #326789 in Management for Rutvi S

Question

From the given information (Amount in Lakhs):

cost of goods sold- 580

opening stock- 40

closing stock- 70

creditors at the beginning of the year -60

creditors at the end of the year- 100

cash purchases- 45

Original cost of equipment sold -400

Gain on the equipment sold -50

Accumulated depreciation on the equipment -80

Calculate:

a. Total purchases, credit purchases and payment to creditors (5 Marks)

b. Define the term Net book value, Accumulated depreciation calculate the net book value and cash proceeds from sale of investment 

Answer 1

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