Question

44. The Sales 180 Lakh. Purchases +129 lakh and Opening Stock? 33 lakh. If the rate of
Gross Profit is 50% on cost, then the value of closing stock will be ​

Answer 1

the answer will be 10 lakhs

Answer 2

Concept:

Closing Stock Evaluation

To calculate the closing inventory, add the new purchases to the ending inventory, then subtract the cost of goods sold. This aids in determining the inventory's final value at the end of the accounting period.

Given:

• Sales - 180 L
• Purchases - 129 L
• Opening Stock - 33L
• GP on cost - 50%

Find:

Closing Stock

Solution:

Cost of goods sold = Sales - GP

COGS = 180L - 50% of COGS

COGS = 180L/1.5

COGS=120L

Closing Stock = Opening Stock + Purchases - Cost of goods Sold

Closing Stock = 33L + 129L - 120L

Closing Stock = 42L

Hence, it can be concuded  that the value of closing stock will be 42 lakhs.

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