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Question 17 Chapter No 17 – Class 11 Unimax
Ascertain the value of opening stock from the following particulars:
| Amount | Amount | ||
| Purchases | 60,000 | Sales | 1,00,000 |
| Wages | 12,000 | Closing stock | 60,000 |
| Carriage inwards | 6,000 | Rate of gross profit on cost 25% | |
| Carriage outwards | 8,000 |
The solution of Question 17 Chapter No 17 – Class 11 Unimax
| Particulars | Amount | Particulars | Amount |
| To Opening stock (balancing figure) | 42,000 | By Sales A/c | 1,00,000 |
| To Purchases | 80,000 | By closing stock | 60,000 |
| To Wages | 12000 | ||
| To Carriage inwards | 6,000 | ||
| To Gross Profit 1,00,000*25/125 | 20,000 | ||
| 1,60,000 | 1,60,000 |
Note:
| 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 | 1,00,000×25/125=20,000 |
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