Question

Calculate closing stock and cost of goods sold from the following information opening stock ₹15000 sales ₹48000 carriage inwards ₹3000 sales return ₹3000 gross profit ₹18000 purchases ₹30000 purchase return ₹2700

Answer 1

Closing Stock (balancing figure) as seen in the attachment is. rs 18,300

Cost of Goods sold = Net Sales - Gross Profit

(48,000 - 3000). - 18,000

45,000 - 18,000 = Rs.27,000

Answer 2

Given

Opening stock = 15000

sales = 48000

Carriage inwards = 3000

Sales return = 3000

Gross profit =18000

purchases = 30000

purchases return = 2700

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Net sales = sales - sales return

                = 48000 - 3000

                = 45000

Net purchases return = purchases - purchases return

                                   = 30000 -2700

                                   =27300

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Cost of goods sold = Net sales - gross profit

                                  =45000 - 18000

Cost of goods sold   =27000

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Check the below attachment for the calculation of closing stock

Therefore Closing stock = 18300