Question

Calculate closing stock from the following details:
Opening stock
480000
Purchat
1360000
sala
G.P.
. is 30% on Cost.

Answer 1

Explanation:

Let x represents the cost of goods sold.

Since gross profit is 30% on cost, so we have

\textup{Gross profit}=30\%\times x=\dfrac{3}{10}x.Gross profit=30%×x=

10

3

x.

Also,

\begin{gathered}\textup{Cost of goods sold}=\textup{sales}-\textup{Gross profit}\\\\\Rightarrow x=1950000-\dfrac{3}{10}x\\\\\\\Rightarrow \dfrac{13}{10}x=1950000\\\\\Rightarrow 13x=19500000\\\\\Rightarrow x=\dfrac{19500000}{13}\\\\\Rightarrow x=1500000.\end{gathered}

Cost of goods sold=sales−Gross profit

⇒x=1950000−

10

3

x

⇒

10

13

x=1950000

⇒13x=19500000

⇒x=

13

19500000

⇒x=1500000.

We have

Cost of goods sold = opening stock+net purchases+direct expenses-closing stock.

So,

\begin{gathered}1500000=480000+1360000+0-C.S\\\\\Rightarrow C.S=1840000-1500000\\\\\Rightarrow C.S.=340000.\end{gathered}

1500000=480000+1360000+0−C.S

⇒C.S=1840000−1500000

⇒C.S.=340000.

Thus, the required closing stock is 3,40,000.

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Answer 2

Answer:

In this question what is the value of sales without sales this question is not solved

Explanation:

Cost of goods sold = Opening stock + Purchase + Direct Expenses* - Closing Stock

*Direct Expenses means expenses debited to the Trading Account.

Cost of goods sold = Sales - G.P.

G.P. = Sales × G.P.% ÷ 100+G.P.%