Solve please

Page no : 2

sruthy (student) (70 Points)
Replied 07 June 2012

@ aditya very simply solved.... :)

@ ranjeet : big answer for a small question.... :) but anyways'll be helpful for my inter.... :) :) :)

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Nishant Varshney (Industrial Trainee) (199 Points)
Replied 07 June 2012

Trading & P& L a\c

Particular	Amount	Particular	Amount
Op. Bal	40000.0	Sale	100000.0
Purchase	80000.0	Goods Lost	30000.0

Gross Profit	25000.0	Closing Balance (B\F)	15000.0
	145000.0		145000.0


Note:1	Calculation of Gross Profit
	As given in Question :-
	Gross Profit	33% of Cost
	Sale	100000

	Gross Profit	100000*33.33/133.33
		24998
	Gross Profit	25000 Approx.

Answer is :- (B) 15,000

Now: Your Query resolved or not?

Nishtha Narielwala (Tax Consultant) (131 Points)
Replied 07 June 2012

sales price is cost + 33.33% then,

cost of goods sold will be 100000*100/133.33 = 75000/-

Closing stock = Op. Stock + Pur. - Sales = 40000+80000-75000 = 45000

stock worth 30000/- lost in fire thus value of inventory = 45000 - 30000 = 15000/-

CA Deepak Garg (Consulting ) (95 Points)
Replied 07 June 2012

Agree with piyush

Nishtha Narielwala (Tax Consultant) (131 Points)
Replied 08 June 2012

sales price is cost + 33.33% then,

cost of goods sold will be 100000*100/133.33 = 75000/-

Closing stock = Op. Stock + Pur. - Sales = 40000+80000-75000 = 45000

stock worth 30000/- lost in fire thus value of inventory = 45000 - 30000 = 15000/-

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VINAY MUNDADA (CA in part time practice) (53 Points)
Replied 08 June 2012

ya its 15k....but v hav 2 take 33.33% as profit %

CA. Nitin Gupta (CA) (347 Points)
Replied 09 June 2012

If goods are abnormally lost then cost of such goods are not included in purchase, so purchase will be Rs. 50,000 (Rs. 80,000- Rs. 30,000), Gross profit is 1/3rd of cost it means 1/4th of sales. Sales is Rs. 1,00,000 so GP will be Rs. 25,000. Now in Trading A/c at Der side Op stock is Rs. 40,000 , Purchases is Rs. 50,000, GP is 25,000 and at Credit side sale is Rs. 1,00,000. So closing stock as balancing figure will be Rs. 15,000.

atul mane (accountant) (124 Points)
Replied 12 June 2012

what is (100/3)% and how 25% is came what is formula behind this will u please explain me i want to know how this problem is solved

thank you,

Tejaswi Kasturi (student-cpt) (427 Points)
Replied 14 June 2012

the company sell goods at cost + 33% implies that, the selling cost is equal to 1.333 times the cost price so selling cost = 4/3(cost price) implies cost price = 3/4(selling price) so profit = selling price - cost price = selling price - 3/4selling price = 1/4selling price = 0.25*selling price so 25% 25% of sales is 25,000 so gross profit is 25,000 the rest is explained already

Nishtha Narielwala (Tax Consultant) (131 Points)
Replied 15 June 2012

@ atul : 33.33% profit on cost is 25% profit on sales means, if u take cost as 100 ur profit would be 33.33 & sales price would be 133.33 now calculating the profit on sales u get 33.33*100/133.33 = 25% profit on Sales