determine sale??
op stock 80000
cl stock 90000
goods taken by proprietor 1000
goods lost by fire 5000
purchases 570000
gp ratio 33 1/3% on cost
2) calculate purchases
op debtors 17000
cl debtors 28000
collections 212000
excess of closing over opening stock 5000
gp ration 25%
i) sale in case of first part must be 738667. COGS is 554000 (op stock +pur -drawings-loss-cl stock) on this 1/3rd is profit i.e approx 184667 n then balancing fig is sale
ii) purchases =172250 .assuming there are no cash sale i.e all are credit sale.so we hav cr sale of 223000 from detors A/c(collection + cl bal-op bal) of this sale 25% is GP n bal fig is purchases(sale + diff of stock-GP)
CAclubindia
