Question

Calculate the closing stock from the following details
Particulars
Opening stocks
Cash sales is 1.5 times of credit sales Credit sales
Purchases
Carriage inward
Carriage outward
Rate of gross profit on cost
Rs.
20,000
40,000 50,000 20,000 10.000
33 1 ⁄3%

Answer 1

Answer:

here is the answer:-

Total Sales = Cash Sales + Credit Sales = Rs 1,00,000

Let Cost be Rs 100, Gross Profit =33103% on Cost =Rs3313, Sales =Rs13313

Gross Profit on Sales =Rs3313/Rs13313=14

Gross Profit =Rs1,00,000×14=Rs25,000

Cost of Goods Sold = Sales - Gross Profit =Rs1,00,000−Rs25,000=Rs75,000

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

Rs75,000=Rs20,000+Rs70,000− Closing Stock

Closing Stock =Rs20,000+Rs70,000−Rs75,000=Rs15,000

Explanation: