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Accounting from incomplete records

Others 1246 views 1 replies

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%

 

 

 

Replies (1)

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)

 


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