Question

If sales Rs. 240,000, Purchases Rs.175,000 , Closing Stock Rs. 30,000, Percentage of gross profit on sale is 20%, then opening stock will be Rs.:​

Answer 1

Answer:

Closing Stock = Opening stock+Purchase+Gross profit -sales

= 20000+240000+60000* - 300000

= 20000

Calculation of Gross Profit = 300000 * 20/100

= 60000

Answer 2

Answer:

Opening Stock will be Rs. 47,000

Explanation:

Solution :

Percentage of Gross Profit on sale is 20%

• Sales = Rs. 2,40,000

Gross Profit =

= 2,40,000 × (20/100)

= 48,000

Gross Profit = Rs. 48,000

Cost of Goods Sold = Net Sales - Gross Profit

= 240,000 - 48,000

= 1,92,000

Cost of Goods Sold = Rs. 1,92,000

Cost of Goods Sold = Opening Stock + Purchases - Closing Stock

⇒ 1,92,000 = Opening Stock + 1,75,000 - 30,000

⇒ 1,92,000 = Opening Stock + 1,45,000

⇒ 1,92,000 - 1,45,000 = Opening Stock

⇒ 47,000 = Opening Stock

Therefore, Opening Stock will be Rs. 47,000.