opening stock rs.6000
purchases rs.22000
cash sales rs.18000
credit sales rs.12000
calculate closing stock if rate of gross profit on cost of goods sold 25%.
- 3 Answers
- 3721 Views
- State Bank of Mysore SBM, I also Faced
- E-Mail Answers
Answer Posted / s_tailang
cost of good sold= opening stock + net purchases – direct expenses – closing stock
hence 6000+ 22000 = 28000
profit on cost of closing stock 28000xx25%=7000
total profit on cost of good sold is 28000+7000=35000
hence closing stock = cost of good sold – total sales
35000–(18000+30000)=5000
| Is This Answer Correct ? | 6 Yes | 0 No |
Post New Answer View All Answers
Tell me why do you apply for a job of an account executive?
I have interview in Accenture,already anyone attend the interview, kindly gave some information about accounts interview & also about the company.
what is service tax & excise? How will it be charged?
Why does the accounting equation have to balance?
My company sent this party goods 62750 this goods is loss sundorbhan paribahan. how to create voucher
Is financial accounting necessary?
what is revenue recognition rule, and can you specify the answer.
Explain what is double-entry accounting? Explain with an example?
which subsidiary book is source of these:debit note,credit slip,
please explain all accounting concepts n conventions in detail
What action could be taken by you and your manager to improve your performance in your current position?
What is the meaning of scrap value in accounting?
Private purchases amounting to rs 5000 have been debited to purchases account
Key difference between indian accounting standards and international accounting standards is.
Tell me how much statistics knowledge is necessary or required in accounting?
