Advertisement
Question 16 Chapter No 17 – Class 11 Unimax
From the following information, ascertain the value of closing stock:
| ₹ | |
| Stock in the beginning | 30,000 |
| Cash sales | 60,000 |
| Credit sales | 20,000 |
| Purchases | 1,00,000 |
| Indirect expenses | 20,000 |
| Rate of gross profit on cost | 25% |
The solution of Question 16 Chapter No 17 – Class 11 Unimax
| Particulars | Amount | Particulars | Amount | |
| To Opening stock A/c | 30,000 | By Sales A/c | ||
| To Purchases A/c | 1,00,000 | Cash | 60,000 | |
| To Gross Profit (note 1) | 16,000 | Credit | 20,000 | 80,000 |
| By closing stock (Balancing figure) | 66,000 | |||
| 1,46,000 | 1,46,000 | |||
| Goods costing ₹ 100 has been sold at a profit of ₹ 25. As such | |
| If the sales price is ₹ 125, Gross Profit | = 25 |
| If the sale price is ₹ 1, Gross profit | = 25/125 |
| If the sale price is ₹ 80,000, Gross Profit | = 80,000*25/125=16,000 |
Advertisement