Question

Purchase 1,50,000, closing stock 30,000,Sales 2,20,000, Gross profit
40,000, opening stock ?

1)50,000
2) 60,000
3) 55,000
4) 65,000​

Answer 1

150000+40000+opening stock =30000+220000

190000+opening stock=250000

opening stock =250000-190000

131000=opening stock

Answer 2

Explanation:

Cost of Goods Sold = Sales - Gross Profit

Cost of Goods Sold = 2,20,000 - 40,000

Cost of Goods Sold = 1,80,000

Cost of Goods Sold = opening stock + Purchases - closingng stock

=> 1,80,000 = opening stock + 1,50,000 - 30,000

=> opening stock = 60,000

∴ opening stock = 60,000