2. 外语
  3. Charles operates a retail business in London. On 30 June 2003, there was a fire in his store. His books of account and most of h

Charles operates a retail business in London. On 30 June 2003, there was a fire in his store. His books of account and most of h

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问题 Charles operates a retail business in London. On 30 June 2003, there was a fire in his store. His books of account and most of his stock were destroyed. The value of the undamaged stock was agreed at ＄5,000.
His Trading Account for the year ended 31 December 2002 was as follows:
＄ ＄
Sales 492,000
Opening stock 31,000
Purchases 154,000
185,000
Less: Closing stock 37,400
Gross profit 147,600 344,400
On 1 January 2003, his trade creditors totaled ＄15,000 and monthly statements received by him in early July showed that the trade creditors on 30 June 2003 amounted to ＄31,000.
All sales in Charles’ business are on a strict cash basis and his stock is fully insured. According to his bank statements, he received ＄270,000 from customers and paid ＄69,000 to suppliers between I January and 30 June 2003.
Charles informs you that he increased his selling prices by 20% on 1 January 2003 but purchase prices have remained unchanged for several years.
Required:
Calculate the cost of the stock lost by Charles on 30 June 2003.
选项
答案Cost of sales to Sales in the year 2002 was: ＄147,600/ ＄492,000 Then the Cost of sales to Sales in the year 2003 was: ＄147,600/ [(1+20%)×＄492,000]=0.25 So cost of sales of the period from 1 January 2003 to 30 June 2003 was: ＄270,000×0.25=＄67,500 Purchases of the same period was: ＄69,000+＄31,000-＄15,000=＄85,000 So ending stock on 30 June 2003 was: ＄37,400+＄85,000-＄67,500=＄54,900 Then the cost of the stock lost by Charles on 30 June 2003: ＄54,900-＄5,000=＄49,900
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