Question

please answer this question​

Answer 1

Answer:

Closing Stock = Rs 3,40,000

Explanation:

• Opening Stock = Rs 4,80,000

• Purchase = Rs 13,60,000

• Sales = Rs 19,50,000

• GP = 30% on Cost

Calculate Closing Stock :

Solution :

★ Closing Stock = Opening Stock + Purchases - Cost of Good Sold

Calculate Cost of Good Sold

Cost of Good Sold = Opening Stock + Net Purchases + Direct Expenses - Closing Stock

★ According to the Question :

Gross Profit 30 % on cost

Let,

Cost of Good Sold = x

Net Sales = Cost of Good Sold + Gross Profit

⇒ 19,50,000 = x + 30 % of x

⇒ 19,50,000 = x + 0.3 x

⇒ 19,50,000 = 1.3 x

⇒ x = 19,50,000 / 1.3

⇒ $\sf{x = \dfrac{19,50,000}{1.3}}$

⇒ x = 15,00,000

⇒ Cost of Good Sold = Rs 15,00,000

• Gross Profit = 15,00,000 × 30 / 100

⇒ Gross Profit = 4,50,000

★ Cost of Good Sold = Opening Stock + Net Purchases + Direct Expenses - Closing Stock

⇒ 15,00,000 = 4,80,000 + 13,60,000 + 0 - Closing Stock

⇒ 15,00,000 = 18,40,000 - Closing Stock

⇒ Closing Stock = 18,40,000 - 15,00,000

⇒ Closing Stock = 3,40,000

Therefore,

Closing Stock = Rs 3,40,000