Answer to Question #134678 in Accounting for Vikash

Question

Calculate closing stock from the following details :

Opening stock 4,80,000 ₹
Purchase 13,60,000 ₹
Sales 19,50,000 ₹
G.p. is 30% on cost

Answer 1

Closing stock$=$ Opening stock $+$ Purchase$+$ Cost of sales.

Cost of sales$=$ Opening stock $+$ Purchase$-$ Closing stock.

Gross profit$=$ Sales$-$ Cost of sales

Gp$=$ $1950000-1840000$ $=110000$

Cost of sales$=$

$30\over 100$ $\times$ $110000=33000$

Closing stock$= 480000+1360000+33000=1873000$