class 11th .... accountancy ...chapter name. -- financial statement.. plz solve..
Answers
Given
purchases -40000
wages - 1000
indirect expenses - 3000
sales - 60000
closing stock - 4000
cost on goods profit - 50% or 1/2
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goods profit on cost = 1/2 , therefore
gross profit on sales = 1/3
gross profit on sales = sales * 1/3
=60000*1/3
=20000
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cost of goods sold = sales - gross profit
=60000 - 20000
=40000
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further calculation check the below attachment
therefore Opening capital = 3000
Here,
Opening Stock can be calculated as a balancing figure.
Opening Stock can be easily calculated after finding out the Gross profit.
The process of Finding Gross profit is given in the working note which is attached below.
Pls check it.
