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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2011 If opening stock is Rs.40000; Net purchases are are Rs.210000; Direct costs are Rs.16000; Sales are Rs.340000; Sales returns Rs.40000; and the G.P. rate is 30%, then the value of closing stock would be:

How to calculate it?

CA RICHA BADALIA

CA RICHA BADALIA (Expert)
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25 October 2011 Os 40000
Purchase 210000
Dc 16000
Sales(net) (300000)
GP(30% of sales) 90000
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Closing stock 56000

CMA KNVV Sri Vidya - Sri Kanth

CMA KNVV Sri Vidya - Sri Kanth (Expert)
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25 October 2011 opening stock + net purchases + direct costs + Gross profit = Sales + closing stock

let closing stock be x
40000 + 210000 + 16000 + 90000 = 300000 + x

356000-300000 = x

x = 56000

closing stock = 56000

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