Question

pus
Calculate Closing stock from the following details:
Opening Stock-20,000
Cash Sales-60,000
Purchases-70,000
Credit Sales-40,000
Rate of Gross Profit on Cost 331/3 %
(KVS 2016
Closing Stock15,000)​

Answer 1

Answer:

cost = sale - gross profit

X = 100000 - X× 100/300

X= 100000 - X/3

X + X/3 = 100000

4X/3 = 100000

4X = 300000

X = 75000

cost = 75000

cost = opening stock + purchase - closing stock

75000 = 20000+70000- closing stock

75000 = 90000- closing stock

closing stock = 15000