New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    Sales = Rs. 50,000/-, G.P. on sales is 10%, Purchases

    40,000/-, Opening Stock = 70,000/-, Find the closing stock.
    A 55000 Correct Answer Incorrect Answer
    B 65000 Correct Answer Incorrect Answer
    C 75000 Correct Answer Incorrect Answer
    D 170000 Correct Answer Incorrect Answer

    Solution

    Cost of goods Sold =Opening stock + Purchases - Closing stock      (1) In this case G.P. (Gross Profit) = 10% on sales = 10% of Rs. 50,000/ = 5,000/- Means cost of goods sold = Sales – Profit on sale =50000-5000 =45000           (2) Now from (1) & (2) 45000 = 70000 + 40000 – Closing Stock Or Closing Stock = 65,000/-

    Practice Next