Question

Calculate the value of opening stock from the following : Cash Sales 2,00,000 Sales Return ( out of credit sales ) 25,000 Purchase Return 20,000 Closing stock 1,80,000 Credit Sales 8,25,000 Purchases 6,20,000 Carriage inwards 40,000 Rate of gross profit 40% on sales

Answer 1

Hope it help u ,

opening stock ₹15000 sales ₹48000 carriage inwards ₹3000 ... Cost of goods sold = Sales - Gross profit. Rs. 45,000 - 18,000 = 27,000 ... purchases return = 2700.

Answer 2

Particulars | ₹ | Particulars | ₹ |

To purchase620000 Bysales125000

net 20000 600000 (-)return 25000 100000

To carriage

inwards 400000 By closing

stock 180000

To g.p

(40%of100000) 40000

To openingstock 140000

1180000 1180000