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| 1. |
Calculate closing stock from the following details: Opening Stock - Rs 20,000, Cash Sales - Rs 60,000, Credit Sales - Rs 40,000, Purchase - Rs 70,000 Rate of Gross Profit on Cost 33(1)/(3)% |
| Answer» <html><body><p></p>Solution :Total Sales = Cash Sales + Credit Sales = Rs 1,00,000 <br/> Let Cost be Rs 100, <a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> Profit `= <a href="https://interviewquestions.tuteehub.com/tag/33-307818" style="font-weight:bold;" target="_blank" title="Click to know more about 33">33</a> (10)/(<a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>)%` on Cost `= Rs 33(1)/(3)`, Sales `= Rs 133(1)/(3)` <br/> Gross Profit on Sales `= Rs 33(1)/(3) //Rs 133 (1)/(3) = (1)/(4)` <br/> Gross Profit `= Rs 1,00,000 xx (1)/(4) = Rs 25,000` <br/> Cost of Goods Sold = Sales - Gross Profit `= Rs 1,00,000 - Rs 25,000 = Rs 75,000` <br/> Cost of Goods Sold = <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> Stock + <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> - Closing Stock <br/> `Rs 75,000 = Rs 20,000 + Rs 70,000 -` Closing Stock <br/> Closing Stock `= Rs 20,000 + Rs 70,000 - Rs 75,000 = Rs 15,000`</body></html> | |