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Calculate closing stock and cost of goods sold: Opening Stock Rs 5,000, Sales Rs 16,000, Carriage Inwards Rs 1,000. Sales Return Rs 1,000, Gross Profit Rs 6,000, Pruchases Rs 10,000, Purchases Return Rs 900. |
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Answer» Cost of Goods Sold = Net Sales (i.e., Sales - Sales Return) - Gross Profit `= Rs 15,000 - Rs 6,000 = Rs 9,000` Cost of Goods Sold = Opening Stock + Net Purchases + Carriage Inwards - Closing Stock `Rs 9,000 = Rs 5,000 + Rs 9,100` (i.e., `Rs 10,000 - Rs 900`) `+ 1,00 -` Closing Stock Closing Stock = Rs 6,100 |
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