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From the following information, ascertain the value of Opening Stock: |{:(,"Rs."),("Purchases","2,20,000"),("Sales","3,60,000"),("Closing Stock"," 40,000"):}||{:(,"Rs."),("Wages","7,000"),("Carriage Outwards","6,000"),("Rate of Gross Profit on Cost of Good sold",50%):}| |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_019_S01.png" width="80%"/> <br/> *Gross <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> is `50%` on Cost that will be equal to `33(1)/(<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 Sales, <br/> Let the Cost of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> Sold = Rs. 100, Gross Profit = Rs. 50, Sales = Rs. 100 + Rs. 50 = Rs. <a href="https://interviewquestions.tuteehub.com/tag/150-275254" style="font-weight:bold;" target="_blank" title="Click to know more about 150">150</a>. <br/> Gross Profit on Cost = Rs. 50/ Rs. 100 or 1/2, Gross Profit on Sales = Rs. 50/ Rs. 150 or 1/3 or `33(1)/(3)%` <br/> It means, Gross Profit `=(1)/(3)` of Sales =`(1)/(3)xx3,60,000=Rs. 1,20,000`. <br/> Nore: Carriage outwards will be debited 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> | |