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From the following information, ascertain the value of Closing Stock: {:("Particulars"," Rs."),("Stock in the beginning.............................................","10,000"),("Cash Sales.............................................","30,000"),("Credit Sales..............................................","20,000"),("Purchases..............................................","35,000"),("Indirect Expenses..............................................","7,000"),("Rate of Gross Profit on Cost........................................","1/3"):} |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_020_S01.png" width="80%"/> <br/> Note 1. Gross Profit is 1/3rd of Cost = 1/4th of Sales <br/> Let Cost = <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 100, Gross Profit = Rs. `<a href="https://interviewquestions.tuteehub.com/tag/33-307818" style="font-weight:bold;" target="_blank" title="Click to know more about 33">33</a>(1)/(3)`, Sale = Rs. `133(1)/(3)` or `(Rs.400)/(3)` <br/> `"Gross Profit on Sales"=("Rs.100/3")/("Rs.400/3")or(100)/(3)xx(3)/(400)=(1)/(4)` <br/> `<a href="https://interviewquestions.tuteehub.com/tag/therefore-706901" style="font-weight:bold;" target="_blank" title="Click to know more about THEREFORE">THEREFORE</a>"Gross Profit"=(1)/(4)" of Sales"=(1)/(4)xx"Rs. 50,000 = Rs. 12,500"` <br/> 2. Closing Stock will be the Balancing Figure. <br/> 3. Indirect expenses are not <a href="https://interviewquestions.tuteehub.com/tag/considered-7257760" style="font-weight:bold;" target="_blank" title="Click to know more about CONSIDERED">CONSIDERED</a> for this purpose as these expenses are taken to Profit and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> Account.</body></html> | |