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Question 11 Chapter 1 – Unimax Publications of Class 11
11. From the following data of Mr. Manav, Find out the cost of goods sold and sales per the year 2020-21
| Rs. | |
| Opening Stock | 50,000 |
| Purchases | 1,50,000 |
| Octroi Duty | 30,000 |
| Stock on 31-3-2021 | 40,000 |
G.P. 30% on Cost
The solution of Question 11 Chapter 1 – Unimax Publications of Class 11
| COGS | = Opening Stock + Net Purchases + Direct Expenses – Closing Stock |
| = Rs. 50,000+ 1,50,000+ 30,000-40,000 | |
| = Rs. 2,30,000 – 40,000 | |
| = Rs. 1,90,000 | |
| GP | = 30 % on Cost | |
| = 1,90,000 X | 30 | |
| 100 | ||
| = Rs. 57,000 | ||
| Sales | = GP + COGS |
| = Rs. 57,000 +1,90,000 | |
| = Rs. 2,47,000 |
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