Question

P.20. From the following information, prepare Trading A/c for the year ended 31" March, 2014
Opening stock Rs. 100000
Purchases Rs. 280000
Closing Stock Rs. 80000
Wages Rs. 2000
Freight Rs. 3600
Carriage Inwards Rs. 1000
The Percentage of Gross Profit on sales is 20%.
{Gross Profit Rs.76650;}
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Answer 1

Answer:

cost = opening stock + purchase + ,direct expenses- closing stock

cost = 100000+ 280000+2000+3600+1000-80000

cost = 306600

Cost = sale - gross profit

306600 = X - X×20/100

306600= X- X/5

306600=5X-X/5

306600×5 =4X

X= 383250

Sale = 383250

Gross profit = sale - cost

= 383250-306600

= 76650

Trading account

dr. amt. cr amt

opening sales 383250

stock 100000. closing

purchase 280000. stock. 80000

wages. 2000

freight 3600

carriage. 1000

gross profit 76650

total. 463250. total. 463250