Question
In the following Bank Reconciliation Statemnt. determine the missing amounts:
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Cash sales of a business in a year were ₹ 85,000, the Cost of Goods Sold (including direct expenses) was ₹ 97,000 and Gross Profit as shown by the Trading Account for the year was ₹ 1,29,000. Calculate Credit Sales during the year.
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| ₹ | |
| Creditors April 01, 2016 | 30,000 |
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| Closing balance of Bills payable | 35,000 |
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G.P is 30% on Cost.
|
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₹
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|
Opening Stock
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4,80,000
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|
Purchase
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13,60,000
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Sales
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19,50,000
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