Question

ILLUSTRATION 9.
Calculate closing stock from the following details :
Opening Stock
Cash Sales
Credit Sales
Purchase
20,000
60,000
40,000
70,000
Rate of Gross profit on cost 331/3 %.​

Answer 1

Answer:yes

Explanation:

Sales = 60000+40000=100000₹

Cogs= 20000+70000=90000₹

Closing stock = cogs (90,000₹)

Using the gross profit on cost 33.33% or 1/3,

We can get gross profit on sales = 100000*33.33%= 33,330₹

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Answer 2

Answer:

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