Answer Posted / bandu deshmukh

there are three kinds of accounts.

1} Personal A/C
2} Real A/C
3} Nominal A/C

rules

Personal A/c = Debit the receiver
Credit the giver .

Real A/C= = debit what come in
credit what goes out.

nominal A/c = debit the all Expenses And losses
credit the all income and gains.

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closing stock at the end is comprised of %a purchase price of $60000,10% discount and 15% import duty.The stock can be sold for $70000 after incurring costs of $1950.Included in the purchase price is abnormal wastage of $2000.Transportation costs are $1000 and storage costs are $500,what is the value of the closing stock?

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