Question

If sale rs 240000 purchase rs175000 closing stock rs 30000 % of gross profit on sale is 20% the opening stock will be

Answer 1

Explanation:

Opening stock + purchase + gross profit = Sales + closing stock

opening stock + 1,75,000+ 48000= 2,40,000+ 30000

opening stock = 175000+ 48000- 270,000

opening stock = 47000

Gross profit = 2,40,000× 20/100

48,000

Answer 2

The opening stock of the firm will be ₹47,000.

Defintion of opening stock:

opening stock is the amount of inventory on the first day of the financial year that is on 01/04 ( and actually the carried forward amount of closing inventory of the last financial year).

Given:  sale  ₹240000

            purchase ₹175000

            closing stock  ₹30000

            % of gross profit on sale is 20%

To Find: Opening stock

Solution:

Gross profit = sales * 20%

                   = 240000*20% = ₹48,000.

Format to calculate the opening stock:

  Sales                  240000

+ closing stock        30000

- purchases          (175000)

- gross profit          (48000)

= opening stock = ₹47,000

Thus, the opening stock of the firm will be ₹47,000.