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Elective Taxation In Nepal

Taxation In NepalTU Board 2080

A trading organization supplied the following information: Opening stock of raw material and finished goods Rs. 10,000 and Rs. 20,000 respectively. Import during the year Rs. 500,000, Custom duty…

2

A trading organization supplied the following information:

  • Opening stock of raw material and finished goods Rs. 10,000 and Rs. 20,000 respectively.
  • Import during the year Rs. 500,000, Custom duty Rs. 100,000 and administrative expenses Rs. 25,000.
  • Value of closing stock Rs. 20,000 but the market value Rs. 15,000. Required: Cost of trading goods.

Answer

· Based on the official syllabus and past papers
Updated
Cost of Trading Goods Calculation (ABC Manufacturing Co.)Dr.Cr.To Opening Stock of Raw Material10,000To Import of Raw Materials5,00,000To Custom Duty (on Import)40,000To Administrative Expenses (on Raw Materials)25,000Total Cost of Goods Available for Sale5,75,000By Closing Stock of Finished Goods20,000Cost of Trading Goods (Cost of Goods Sold)5,55,000
T-account showing the calculation of Cost of Trading Goods (COGS) using opening stock, imports, duties, and closing stock.

Cost of Trading Goods Calculation:

  1. Opening Stock of Raw Material: Rs. 10,000
  2. Add: Import of Raw Material: Rs. 500,000
  3. Add: Custom Duty: Rs. 40,000
  4. Add: Administrative Expenses: Rs. 25,000 Total Cost of Goods Available for Sale: Rs. 575,000
  5. Less: Closing Stock of Finished Goods: Rs. 20,000

Cost of Trading Goods = Rs. 555,000

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