Q16. Calculate the stock at the end: Stock in the beginning 10.000 Purchase 35.000 Cash Sales 30,000 Rate of Gross Profit on Cost 1/3 Credit Sales 20.000
Answers
Answer:
33
1
3
%
.
Solution
Total Sales
= Cash Sales + Credit Sales
= Rs. 60,000 + Rs. 40,000
= Rs. 1,00,000
Let cost = Rs. 100, Gross profit =
33
1
3
%
on cost,
Sales = Rs. 100 + Rs.
33
1
3
=
R
s
.
133
1
3
Gross Profit on Sales
=
R
s
.
33
1
3
÷
R
s
.
133
1
3
×
100
= 25%
Gross Profit = (
R
s
.
1
,
00
,
000
×
25
%) = Rs. 25,000
Cost of Goods Sold
= Sales - Gross Profit
= Rs. 1,00,000 - Rs. 25,000
= Rs. 75,000
Cost of Goods Sold = Opening Stock + Purchases - Closing Stock
So, Closing stock
= Opening Stock + Purchases - Cost of Goods Sold
= Rs. 20,000 + Rs. 70,000 - Rs. 75,000
= Rs. 15,000.
Explanation:
Solution :
30,000 + 20,000 = 50,000
Net Sales = 50,000
Net Sales = Cost of Goods Sold + Gross Profit
Let,
Cost of Goods Sold = x
Net Sales = Cost of Goods Sold + Gross Profit
50,000 = x + 1x/3
50,000 = 3x/3 + 1x/3
50,000 = 4x/3
50,000 × 3 = 4x
1,50,000 = 4x
x= 1,50,000/4
x = 37,500
Cost of Goods Sold = 37,500
Cost of Goods Sold = Stock in the beginning + Purchase - Stock at the end
37,500 = 10,000 + 35,000 - Stock at the end
37,500 = 45,000 - Stock at the end
Stock at the end = 45,000 - 37,500
Stock at the end = 7,500
Therefore, the stock at the end = 7,500