Find out the closing stock from the following Opening stock =₹20000 sales=₹100000 purchases=70000 rate of gross profit on cost =33⅓%
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YuvrajBoora
bhumkarpranav2277
14.03.2019
Accountancy
Secondary School
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Q.Calculate closing stock:-1.Opening stock. -Rs.20000,Cash sales -rs.60000,credit sales -rs.40000,purchases -rs.70000.gross profit is 33 1/3% on cost.
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gayatrigayu2527
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Total sales = 40000+60000=100000
Let cost be 100 so gross profit =33 1/3 on cost, sales = 133* 1/3
Gross profit on sales =33*1/3 / 133*1/3=1/4
Gross profit = 100000*1/4=25000
Cost of goods sold=100000-25000=75000
cost of goods sold= opening stock+purchases-closing stock
75000=20000+70000-closing stock
Closing stock = 15000
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