Question 5(A) Calculate Closing Stock and Cost of Goods Sold: Opening Stock * 5,000; Sales * 16,000; Carriage Inwards * 1,000; Sales Returns 1,000; Gross Profit * 6,000; Purchase 10,000; Purchase Retums 900
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Cost of Goods Sold
= Net Sales (Sales - Sales Return) - Gross Profit
= Rs. 15,000 - Rs. 6,000
= Rs. 9,000.
Closing Stock
= Opening Stock + Net Purchaases (Purchases - Purchases Return) + Carriage Inwards - Cost of Goods Sold
= Rs. 5,000 + Rs. 9,100 + Rs. 1,000 - Rs. 9,000
= Rs. 6,100
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