CBSE Class 11-commerce Answered
Calculate closing stock and cost of goods sold from the following information:
Opening stock Rs-15000
Sales Rs-48000
Gross Profit Rs-18000
Purchase Rs-30000
Purchase return Rs-2700
Asked by smartyboy9868030770 | 12 Mar, 2019, 11:20: PM
Expert Answer
We know that,
Gross Profit = Sales + Closing Stock - Opening Stock - Purchases
Therefore,
Closing Stock = Gross Profit + Opening Stock + Net Purchases (Purchases - Purchases Return) - Sales
Closing Stock = 18000 + 15000 + (30000 - 2700) - 48000
= 12300
Cost of Goods Sold = Sales - Gross Profit
= 48000 - 18000
= 30,000 OR
Cost of Goods Sold = Opening Stock +Purchases - Closing Stock
= 15000 + (30000 - 2700) - 12300
= 30000
Answered by Surabhi Gawade | 13 Mar, 2019, 05:56: PM
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