Interested to Buy Any Domain ? << Click Here >> for more details...
The following are the transactions with respect to goods
traded by Gopal-
i) Purchased goods worth Rs.50,000 on 1-1-2005 for cash
ii) Sold goods costing Rs.20,000 for Rs.30,000 on cash
iii) Bought goods Rs.45,000 from Suresh & Co on credit
iv) Paid Rs.30,000 to Suresh who gave us a discount of Rs1,000
v) Sold goods Rs.23,000 but their cost is Rs.12,000 for cash
vi) Sold goods to Gangadhar for Rs12,000 on credit,(cost Rs
9000)
vii) Received cash from Gangadhar Rs.11,500 in full settlement.
viii) Paid carriage charges on the goods purchased Rs.2,000.
Find out the closing stock as on 31 -1-2005. Also, find how
much is still due to Suresh?
- 14 Answers
- 20728 Views
- ICA, I also Faced
- E-Mail Answers
Answer Posted / khader
opening stock = 0
net purchases =95000
direct exp = 2000
gross profit = 24000
cost of goods sold = 41000
net sales = 65000
closing stock =56000
here the answer
g.p = n.s-cogs(65000-41000=24000)
c.s = o.s+netpurchases+directexp+g.p-sales (0+95000+2000+24000-65000=56000)
so closing stock is 56000, due is 14000
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
What is cash flow and fund flow?
What is the formula for acid test ratio in accounting?
Is push down accounting accepted under generally accepted accounting standards?
How many types of business transactions are there in accounting?
Ours is a technology firm. We got a contract of 1 lac. It is payable at the end of the contract. How you will recognize revenue?
What is the Corporate Tax, Minimum Alternate Tax, Professional Tax, Business Tax Describe Me
How the MIS format made up in XL.
Entries to revenues accounts such as service revenues are usually?
Under the accrual basis of accounting, when revenues are reported in the accounting period?
What will be the journal entry of purchase and sale for ac purchased for 40000 vat 5% sold for 45000 vat5%
What is short term solvency ratio?
Is the shadow balance present in bank account always credited or bank may reverse it as well?
In accounting, are assets a permanent account?
Tell me about a situation where you showed determination?
Explain what is bank reconciliation?
