Question

Question 4.
Calculate Closing Stock from the following details:

Answer 1

Answer:

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Answer 2

Calculation of closing stock is explained.

Explanation:

Formula for calculation of closing stock is

Cost of goods sold = Opening stock + Purchase - Closing Stock

so,

Closing stock = Opening stock + Purchases - Cost of goods sold

Opening Stock = 20000

Purchases = 70000

we have to calculate Cost of good sold. we can find out with the help of sales and percentage of Gross profit. Here it is given gross profit on cost not on sales.

With he help of this we will find out the gross profit which will comes to 25000.

So Cost of goods sold = Sales - Gross profit = 100000-25000

Cost of goods sold = 75000

Putting all this information is the above formula

Closing stock = 20000 + 70000 - 75000

Closing Stock = 15000