Question

opening stock #240000, purchases ₹680000, sales ₹975000, gross profit 30%on cost then calculate closing stock

Answer 1

let the cost will be rs 100 gp will be 30 then saleswill be rs 130

Answer 2

Closing Stock = ₹1,70,000

Explanation:

Given:

Opening stock = ₹2,40,000

Purchases =  ₹6,80,000

Sales = ₹9,75,000

Gross profit =  30%(on cost of goods sold)

Closing stock = ?

Computation:

Sales = Cost of goods sold + Gross profit

Sales = Cost of goods sold + 30% of Cost of goods sold

Sales = Cost of goods sold + 0.30 Cost of goods sold

₹975000 = 1.30 Cost of goods sold

₹975000 / 1.30 = Cost of goods sold

₹7,50,000 = Cost of goods sold

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

Closing Stock = ₹2,40,000 + ₹6,80,000 - ₹7,50,000

Closing Stock = ₹1,70,000

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