calculate closing stock for the following opening stock 38000 purchases 3,40,000 gross loss 20000
Answers
Cost of Goods Sold = ₹ 3,75,000
Closing Stock = ₹ 25,000
Explanation:
Given :
Opening Stock = ₹ 38,000
Purchases = ₹ 3,40,000
Return Outwards = ₹ 4,000
Freight Inwards = ₹ 26,000
Sales = ₹ 3,60,000
Return Inwards = ₹ 5,000
Gross Loss = ₹ 20,000
To find :
Calculate Closing Stock
Solution :
Find the Cost of Goods Sold
★ Cost of Goods Sold = (Net Sales - Sales Return) + Gross Loss
⇒ (3,60,000 - 5,000) + 20,000
⇒ 3,75,000
Cost of Goods Sold = ₹ 3,75,000
___________________________
Cost of Goods Sold = Opening Stock + (Purchases - Purchase Return) + Freight Inwards - Closing Stock
⇒ 3,75,000 = 38,000 + (3,40,000 - 4,000) + 26,000 - Closing Stock
⇒ 3,75,000 = 38,000 + 3,36,000 + 26,000 - Closing Stock
⇒ Closing Stock = 4,00,000 - 3,75,000
⇒ 25,000
Closing Stock = ₹ 25,000
Solution is,
Cost of Goods Sold = ₹ 3,75,000
Closing Stock = ₹ 25,000
Explanation:
Opening Stock = ₹ 38,000
Purchases = ₹ 3,40,000
Return Outwards = ₹ 4,000
Freight Inwards = ₹ 26,000
Sales = ₹ 3,60,000
Return Inwards = ₹ 5,000
Gross Loss = ₹ 20,000
Calculate Closing Stock = ?
Find the Cost of Goods Sold
Cost of Goods Sold = (Net Sales - Sales Return) + Gross Loss
⇒ (3,60,000 - 5,000) + 20,000
⇒ 3,75,000
Cost of Goods Sold = ₹ 3,75,000
___________________________
Cost of Goods Sold = Opening Stock + (Purchases - Purchase Return) + Freight Inwards - Closing Stock
⇒ 3,75,000 = 38,000 + (3,40,000 - 4,000) + 26,000 - Closing Stock
⇒ 3,75,000 = 38,000 + 3,36,000 + 26,000 - Closing Stock
⇒ Closing Stock = 4,00,000 - 3,75,000
⇒ 25,000
Closing Stock = ₹ 25,000
Therefore,
Cost of Goods Sold = ₹ 3,75,000
Closing Stock = ₹ 25,000