Question

calculate the value of opening stock from the following data cash sales 40000 credit sale 165000sales return 5000 purchase 124000purchases return 4000 carriage inward 8000 closing stock 36000 rate of gross profit 40% on sales​

Answer 1

Answer:total sales =cash sales+credit sales -sales return

Net sales=40000+165000-5000

=200000

Gross profit=200000×40/100

=80000

Net purchase=124000-4000

=120000

Closing stock =36000

Carriage inward=8000

Opening stock=net sales+closing stock+gross profit-net purchase-direct expances

=200000+36000+80000-120000-8000

=188000

Explanation: