Question

If uniform rate of gross profit is assumed, the value of closing stock at the end of 2014 will be 2013- opening stock 20000 purchases 120000 sales 200000 2014- opening stock 30000 purchases 190000 sales 240000​

Answer 1

Explanation:

opening stock a/c. Dr

To cash a/c

Purchases a/c. Dr

To cash a/c

cash a/c. Dr

To sales a/c

Answer 2

Answer:

In the question given that Gross profit earned in years 2013-14 and 2014-15 is a uniform rate; i.e., constant

Calculation of Closing Stock;

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

Therefore, the Closing stock of year 2013 and 2014 is ₹60,000

Explanation:

1. Valuation closing stock at the end of 2013:

Closing Stock= 20,000 + 1,20,000 - 2,00,000

=₹(1,40,000 - 2,00,000)

=₹60,000

2. Valuation closing stock at the end of 2014:  

Closing Stock= 30,000+ 1,90,000 - 2,40,000

=₹(2,20,000- 2,40,000)

=₹60,000

(Closing Stock refers to the leftover inventory at the end of the financial/calendar year that is used as opening stock in the next financial/Calender year)

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