Dear Sir/Madam
While preparing Trading account how should we determine CLOSING STOCK and GROSS PROFIT in case only 3 items are given i.e. opening stock,purchase and COGS.
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***CLOSING STOCK***
Replies (5)
Quick Summary
🌟 Dear friend closing stock formula = opening stock + purchases _ cost of goods sold = closing stock...you will get...
Closing Stock = Opening Stock + Purchases - Cost of Goods Sold/Sales
*COGS= Sales - Gross profit*
Gross Profit = Sales - Cost of Goods Sold
or
Closing Stock + Sales- Opening Stock - Purchases
*COGS= Sales - Gross profit*
Gross Profit = Sales - Cost of Goods Sold
or
Closing Stock + Sales- Opening Stock - Purchases
I agree absolutely Tanuj sir
Thank you all for responding but i am asking practically whether its possible...if only these 3 items are given and nothing else...aren' t we supposed to ask it from the firm itself
Closing stock = opening stock + purchase- cost of goods sold(cogs)
Gross profit= closing stock+ sales- opening stock- purchases.
Sales= cogs+ gross profit
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