Virtual University Of Pakistan Network
|Starting Date||Thursday, July 30, 2015|
|Closing Date||Monday, August 03, 2015|
Topic to be tested:
It is supposed that you are an accountant of a business. You have limited information because some financial data has been lost due to fire. Available information for the period is:
Being a business graduate, you know the fundamentals of accountancy. You are required to determine the amount of sales and value of closing stock for the period. In addition to it, which basic principle/concept of accounting is applied to deduct value of closing stock from cost of goods available for sale for reporting? Also discuss the main logic for this deduction?
Note: Provide your answer precisely and it must not exceed 125 words.