Question

opening stock ₹200000 sales ₹1000000 purchase ₹1200000 gross profit 25%of cost what is closing stock

Answer 1

Closing Stock = 6,00,000

Explanation:

Given:

Opening stock = ₹200000

Sales = ₹1000000

Purchase  = ₹1200000

Gross profit = 25% of cost = 0.25 cost of goods sold

Closing stock = ?

Computation:

Sales = Cost of goods sold + Profit

10,00,000 = Cost of good sold + 0.25 cost of goods sold

10,00,000 = 1.25 Cost of goods sold

10,00,000 / 1.25 = Cost of goods sold

8,00,000 = Cost of goods sold

Closing Stock = Opening Stock + Purchase - Cost of goods sold

= 2,00,000 + 12,00,000 - 8,00,000

Closing Stock = 6,00,000

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