Question

calculate the value of closing stock from the following information opening stock 90000 purchases 120000 sales 200000 gross profit on cost 331/3%​

Answer 1

Answer:

Gp is 1/3 of cost means 1/4 of sale

So gp= 2,00,000/4

= 50,000

Now,

Closing stock= opening stock + purchases + Gross profit - sales

=90,000+1,20,000+50,000-2,00,000

=60,000 (Ans)

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