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From the following information, prepare Trading Account for the year ended 31st March, 2019: {:(,Rs,|,,Rs),("Opening Stock","1,00,000",,"Wages","2,000"),("Purchaese","2,80,000",,"Freight Inwards","3,600"),("Closing Stock","80,000",,"Carriage Inwards","1,000"):} Gross Profit on Sales is 20% |
| Answer» <html><body><p></p>Solution :Let <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> be Rs 100, 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> will be Rs <a href="https://interviewquestions.tuteehub.com/tag/20-287209" style="font-weight:bold;" target="_blank" title="Click to know more about 20">20</a> <br/> Therefore, Cost of Goods Sold `= Rs 100 - Rs 20 = Rs 80` <br/> When Cost of Goods Sold is Rs 80, then Sales = Rs 100 <br/> When cost of Goods Sold is Rs 1, then Sales `= Rs 100//Rs80` <br/> When Cost of Goods Sold is Rs `3,06,600^(**)`, then Sales `= Rs 100//Rs 80 xx Rs 3,06,600 = Rs 3,83,250` <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C18_E01_012_S01.png" width="80%"/> <br/> `{:(,,Rs),(.^(**)"Calculation of Cost of Goods Sold",,),("Opening Stock",,"1,00,000"),("AddPurchases",,"2,80,000"),("Wages",,"2,000"),("Freight Inwards",,"3,600"),("Carriage Inwards",,<a href="https://interviewquestions.tuteehub.com/tag/ul-1435627" style="font-weight:bold;" target="_blank" title="Click to know more about UL">UL</a>("1,000")),(,,"3,86,600"),("Less : Closing Stock",,ul("80,000")),("Cost of Goods Sold",,ul("3,06,600")):}` <br/> Note: Gross Profit is 20% on Sales (i.e., 20/100 or 20/100 or 1/5) `(Rs 3,83,250 xx 1//5 = Rs 76,650) " or " 1//4th` of the cost (i.e., 20/80) `(Rs 3,06,600 xx 1//4 = Rs 76,650)`. It <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</a> Gross Profit 1/5th on Sales = 1/4th on Cost</body></html> | |