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Elective Taxation In Nepal

Taxation In NepalTU Board 2082

A trading organization supplied the following information. a. Beginning inventory of merchandise of Rs. 175,000 b. Import of merchandised during the year Rs. 500,000 c. Customs duty paid Rs. 50,000…

2

A trading organization supplied the following information. a. Beginning inventory of merchandise of Rs. 175,000 b. Import of merchandised during the year Rs. 500,000 c. Customs duty paid Rs. 50,000 for merchandised products. d. Freight charges Rs. 25,000 for merchandised products. e. Ending inventory value costing Rs. 50,000 but the market value Rs. 70,000. Required: Cost of trading goods.

Answer

· Based on the official syllabus and past papers
Updated

Calculation of Cost of Trading Goods:

  1. Beginning Inventory: Rs. 175,000

  2. Add: Import of Merchandise: Rs. 500,000

  3. Add: Customs Duty: Rs. 50,000

  4. Add: Freight Charges: Rs. 25,000

    • Total Cost of Goods Available for Sale:

  5. Less: Ending Inventory (Cost Basis): Rs. 50,000

    • Cost of Trading Goods:

Note: The market value of ending inventory (Rs. 70,000) is irrelevant for cost calculation under cost-based accounting.

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