Based on the following information, Answer the following questions
Sales (80% in credit) Rs.14 lakhs, Opening debtors Rs.1,80,000, Discount Rs.12,000, Bad debt Rs.27,000, Cash and Cheques received Rs.10,80,000, Cheques dishonoured Rs.7,200 (expected to realise 50% from that debtor).
Closing creditors Rs.1,70,000, Purchases Rs.5 lakhs (25% in cash), Paid to creditors Rs.3,25,000, Goods returned Rs.15,000.
Cost of goods sold / sales = 75%
Closing stock of finished goods : Rs.1 lakh
Opening stock of finished goods : Rs.0.75 lakh
Assume 1 year = 360 days.
1. *The inventory turnover ratio is:
a. 12
b. 24
c. 36
d. None of the above
Answer: a. 12
2. *The average collection period is:
a. 60 days
b. 59 days
c. 58 days
d. None of the above
Answer: b. 59 days
3. The average payment period is:
a. 250 days
b. 256 days
c. 146 days
d. 186 days
Answer: c. 146 days
4. *A firm has an opening of stock of Rs.70,000, Closing stock of Rs.90,000 and Cost of goods sold Rs.2,40,000. What the Inventory Turnover Ratio?
a. 5
b. 4
c. 3
d. 2
Answer: c. 3
Sales (80% in credit) Rs.14 lakhs, Opening debtors Rs.1,80,000, Discount Rs.12,000, Bad debt Rs.27,000, Cash and Cheques received Rs.10,80,000, Cheques dishonoured Rs.7,200 (expected to realise 50% from that debtor).
Closing creditors Rs.1,70,000, Purchases Rs.5 lakhs (25% in cash), Paid to creditors Rs.3,25,000, Goods returned Rs.15,000.
Cost of goods sold / sales = 75%
Closing stock of finished goods : Rs.1 lakh
Opening stock of finished goods : Rs.0.75 lakh
Assume 1 year = 360 days.
1. *The inventory turnover ratio is:
a. 12
b. 24
c. 36
d. None of the above
Answer: a. 12
2. *The average collection period is:
a. 60 days
b. 59 days
c. 58 days
d. None of the above
Answer: b. 59 days
3. The average payment period is:
a. 250 days
b. 256 days
c. 146 days
d. 186 days
Answer: c. 146 days
4. *A firm has an opening of stock of Rs.70,000, Closing stock of Rs.90,000 and Cost of goods sold Rs.2,40,000. What the Inventory Turnover Ratio?
a. 5
b. 4
c. 3
d. 2
Answer: c. 3
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