Question

Opening Stock Rs. 15,000; Sales Rs. 48,000; Carriage Inwards Rs. 3,000; Sales Return Rs. 3,000;
Gross Profit Rs. 18,000; Purchases Rs. 30,000; Purchase Returns Rs. 2,700. Calculate Closing Stock and Cost of Goods Sold

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Answer 1

Answer:

• Closing Stock = 18,300
• Cost of Goods Sold = 27,000

Explanation:

Given :

Opening Stock = Rs. 15,000

Sales = Rs. 48,000

Carriage Inwards = Rs. 3,000

Sales Return = Rs. 3,000

Gross Profit = Rs. 18,000

Purchases = Rs. 30,000

Purchase Returns = Rs. 2,700

To find :

Calculate Closing Stock and Cost of Goods Sold

Solution :

Net Sales = Sales - Sales Return

⇒ Net Sales = 48,000 - 3,000

Net Sales = 45,000

Find Cost of Goods Sold :

Gross Profit = Net Sales - Cost Of Goods Sold

⇒ 18,000 = 45,000 - Cost Of Goods Sold

⇒ Cost Of Goods Sold = 45,000 - 18,000

Cost Of Goods Sold = 27,000

Calculate Closing Stock :

Cost Of Goods Sold = Opening Stock + (Purchases - Purchase Returns) + Carriage Inwards - Closing Stock

⇒ 27,000 = 15,000 + (30,000 - 2,700) + 3,000 - Closing Stock

⇒ 27,000 = 15,000 + 27,300 + 3,000 - Closing Stock

⇒ 27,000 = 45,300 - Closing Stock

⇒ Closing Stock = 45,300 - 27,000

Closing Stock = 18,300

Therefore,

• Closing Stock = 18,300
• Cost of Goods Sold = 27,000