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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)%` |
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Answer» Total Sales = Cash Sales + Credit Sales = Rs 1,00,000 Let Cost be Rs 100, Gross Profit `= 33 (10)/(3)%` on Cost `= Rs 33(1)/(3)`, Sales `= Rs 133(1)/(3)` Gross Profit on Sales `= Rs 33(1)/(3) //Rs 133 (1)/(3) = (1)/(4)` Gross Profit `= Rs 1,00,000 xx (1)/(4) = 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 `Rs 75,000 = Rs 20,000 + Rs 70,000 -` Closing Stock Closing Stock `= Rs 20,000 + Rs 70,000 - Rs 75,000 = Rs 15,000` |
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