Question
VRN Ltd had 500 units of product Z on 31 March 2021. The
product had been purchased at a cost of Rs.18 per unit and normally sells for Rs.24 per unit. Recently, product Z started to deteriorate but can still be sold for Rs.24 per unit, provided some rectification work is undertaken at a cost of Rs.3 per unit. What is the value of closing inventory at 31 March 2021?Solution
The inventory will be valued at cost or NRV whichever is lower. Cost = 18 NRV = 24-3 = Rs.21 Lower of the two is 18 So value of inventory = 500*18 = Rs.9000
In the question below some statements are given followed by three conclusions I, II and III. You have to take the given statements to be true even if t...
Read the given statements and conclusion carefully. Assuming the information given in the statement is true, even if it appears to be at variance with ...
Statements:
All Time are Clock.
Only a few Time is Minute
All Minute are Second.
Conclusions:
I. Some Cloc...
Statements: Some dogs are cats.
No camel is a rat.
All cats are camels.
Conclusions: I. All dogs may be camels.
II. Some ...
Statements: No painting is a frame.
All frames are lights.
Some lights are canvas.
Conclusions: I. No light is a painting.
Statements: All males are females.
All females are men.
No man is a woman.
All women are Girl...
Statements : No painting is a pencil.
Some pencils are drawings.
All drawings are sketches.
Conclusions : I. Some sketches are dr...
- Statements:
All Parrot are Sparrow.
All Pigeon are Sparrow.
Few Penguin are Parrot.
Conclusions:
I. Every Pigeon is... Statements:
All pineapple are peach.
All peach are cherry.
All cherry are papaya.
Conclusions:
I. All cherry are...
Statements:
Some wire are cable.
Some cable are hub.
Only hub is switch.
Some board are hub.
Conclusions:
I. N...
