Question
Calculate Closing Stock from the following:
✓
Answer
Cost Of Gold Sold = Net Sales + Gross Loss
= (3,60,000 - 5,000) + 20,000
= ₹ 3,75,000
Cost of Good Sold = Opening Stock + Net Purchase + Direct Expenses - Closing Stock
3,75,000 = 38,000 + (3,40,000 - 4,000) + 26,000 - Closing Stock
Closing Stock = 4,00,000 - 3,75,000
= ₹ 25,000
= (3,60,000 - 5,000) + 20,000
= ₹ 3,75,000
Cost of Good Sold = Opening Stock + Net Purchase + Direct Expenses - Closing Stock
3,75,000 = 38,000 + (3,40,000 - 4,000) + 26,000 - Closing Stock
Closing Stock = 4,00,000 - 3,75,000
= ₹ 25,000
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
Write any three defects of Incomplete Records.
Calculate Gross Profit from the following information:
|
|
₹
|
|
Closing Stock
|
70,000
|
|
Wages
|
40,000
|
|
Salary
|
30,000
|
|
Sales
|
6,88,000
|
|
Adjusted Purchase
|
5,50,000
|
What is Contra Entry?
Atul does not keep proper records of his business. He gives you the following information:
Calculate profit or loss for the year.
Calculate profit or loss for the year.
State with reasons whether the following are capital or revenue expenditures:
- A new machine is purchased for ₹ 60,000, ₹ 800 were spent on its carriage and ₹ 1,500 were paid as wages for its installation.
- A sum of ₹ 10,000 was spent on painting the new factory.
- ₹ 5,000 paid for the erection of a new machine.
- ₹ 2,000 were spent on repairs before using a second hand generator purchased recently.
- ₹ 1,500 were spent on the repair of a machinery.
- ₹ 10,000 was paid as brokerage on issue of shares and other expenses of issue were ₹ 25,000.
Find out the amount of bills matured during the year on the basis of information given below:
| ₹ | |
| Bills payable dishonoured, | 37,000 |
| Closing balance of Bills payable, | 85,000 |
| Opening balance of Bills payable, | 70,000 |
| Bills payable accepted, | 90,000 |
| Cheque dishonoured, | 23,000 |
Ascertain Gross Profit from the following information :
| (₹) | |
| Opening Stock | 3,00,000 |
| Closing Stock | 2,80,000 |
| Purchases | 8,50,000 |
| Carriage on Purchases | 23,000 |
| Carriage on Sales | 30,000 |
| Office Rent | 58,000 |
| Sales | 14,07,000 |
Write notes on the following:
- Accrued Income.
- Unearned Income.
- Provision for Doubtful Debts.
Give one difference between a Computer and a Calculator.
Vikas maintains his books of account on Single Entry System. He provides following information from his books. Find out additional capital introduced in the business during the year 2018-19.
| Opening Capital - ₹ 1,30,000 | Drawings during the year ₹ 50,000 |
| Closing Capital - ₹ 2,00,000 | Profit made during the year ₹ 1,00,000 |