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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%.
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Answer Posted / ketan bhatt
Profit margin should not be added to closing stock. it will increase your GP and NP. Closing stock should be calculated @ it is purchased.
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paid vendor to RS 15000 and incentives of RS.5000 and deducted Rs.3000 as penalty so finally paid to vendor is Rs.17000. please let me know the journal entry for this.
"A" has two divisions of "B" and "c".In our system we have two vendor accounts of B&C.We have received one Non PO invoice of B and posted wrongly in C and its got paid.While reconciling the account we got this error is happend.We contacted the C and asked for refund.But C said,he transfer internally the amount directly to B and he will not refund the amount.How we will settle this entry in our books. If we reverse the entry...there is one invoice needs to be reverse and payment doc needs to be reverse..how we can settle this in our books...
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