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Calculate closing stock Opening stock 38000 …

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Calculate closing stock Opening stock 38000 Purchases 340000 Return outwards 4000 Frieght inwards 26000 Sales 360000 Return inwards 5000 Gross loss 20000

Posted by Ќĥǘŝĥį Ƒãťįϻã 5 years, 5 months ago

CBSE > Class 11 > Accountancy

1 answers

Baisakhi Pattnaik 3 years, 3 months ago

Given: Opening stock=38,000 Purchases=3,40,000 Return outwards=4000 Therefore, net purchase=purchase-return outward= 3,40,000-4,000=3,36,000 Cost of goods sold= opening stock+net purchase+direct expenses - closing stock = 38000+336000+26000-closing stock =400000-closing stock Now, given, Sales=3,60,000 Return inward=5000 Therefore,net sales= 3,55,000 We know that Gross loss= cost of goods sold- net sales =>20,000=4,00,000-closing stock-3,55,000 =>closing stock=4,00,000-3,75,000= 25,000 So, closing stock is rs.25000

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