Q1. Rohit started a bakery shop in the financial year 2019-20. His stock on first day of year is Rs 20000. He sold bakery items for cash Rs 60000 and on credit Rs 40000. However his purchases during the year was Rs 70000.
If the rate of gain profit on cost is 33 1/3 %. Based on the above case you are required to calculate his closing stock for the year.
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Opening stock = 20000
Sales = 60000+40000
= 100000
Purchases = 70000
Gross profit :-
Let’s cost = 100 so grossed profit =33.33 so sales = cost + gross profit that is 100+33.33
=133.33
Gross profit = 100000/133.33 * 33.33
=25000
So , opening stock + purchase +gross profit - closing stock = sales
20000+ 70000 +25000 - closing stock =100000
Closing stock = 15000
Sales = 60000+40000
= 100000
Purchases = 70000
Gross profit :-
Let’s cost = 100 so grossed profit =33.33 so sales = cost + gross profit that is 100+33.33
=133.33
Gross profit = 100000/133.33 * 33.33
=25000
So , opening stock + purchase +gross profit - closing stock = sales
20000+ 70000 +25000 - closing stock =100000
Closing stock = 15000
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