Question

Q.Calculate closing stock:-1.Opening stock. -Rs.20000,Cash sales -rs.60000,credit sales -rs.40000,purchases -rs.70000.gross profit is 33 1/3% on cost.

Answer 1

Total sales = 40000+60000=100000

Let cost be 100 so gross profit =33 1/3 on cost, sales = 133* 1/3

Gross profit on sales =33*1/3 / 133*1/3=1/4

Gross profit = 100000*1/4=25000

Cost of goods sold=100000-25000=75000

cost of goods sold= opening stock+purchases-closing stock

75000=20000+70000-closing stock

Closing stock = 15000

Answer 2

Answer:15000

Explanation:total sales=cash sales + credit sales= 100000

Let cost be rs 100 gross profit= 33

1/3% on cost= 33 1/3,sales= 133 1/3

G.P on sales=1/4

G.P= 100000×1/4=25000

Cost of goods sold = sales-G.P= 100000-25000= 75000

Cogs= 20000+70000-75000= rs 15000