Question

Opening Stock Rs.30,000,
Cost of goods available for sale Rs. 1,60,000,
Sales were Rs. 1,60,000. Gross profit on sales is 30%
Calculate closing stock.
a) Nil
b)Rs. 48,000
c) Rs. 98,000
d)None of the above

Answer 1

b)48000 will be closing stock

Answer 2

CLOSINGSTOCK IS NONE OF THE ABOVE