Closing stock

G.P. = 1/4 of cost = 1/5 of sales = 522000*.20 = 104400

Cl. Stk = O.stk + pur. + G.P. - Sales = 70000 + 416000 + 104400 - 522000 = 68400

Dear Farzan

Closing Stock = (Opening Stock+Purchase+Profit) - Sales

so Cl St = [70,000+4,16,000+(5,22,000*25/125)] - 5,22,000

               = [70,000+4,16,000+1,04,400] - 5,22,000

               = 590400 - 5,22,000

Closing Stock = 68,400

25% on cost = 25/125 on sales so Profit = 5,22,000*25/125

Thanks

R Shriram

68400                                              

Can anyone tell if a dealer who is filing DVAT Returns monthly Turnover above 5 crore...if  turnover falls below 5 crore...How can dealer move to Quartely Returns...tell me the rules...

Opening Stock         70000                            Sles               522000

Purchae                     416000

G.p (1/5 of 522000) 104400                     Closing Stock    68400 (B/f)

                                   590400                                                              590400

68400 rupees

1 - If the gross profit is 30% of cost what will happend?.

2- If the gross profit is earned from 30% of sales what will do?

Thanks in advance.