Catherine (Article) (120 Points)17 January 2022
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.
Tanuj Chandra Saxenaa
Replied 17 January 2022
I agree absolutely Tanuj sir
Replied 18 January 2022
Replied 20 January 2022
Closing stock = opening stock + purchase- cost of goods sold(cogs)
Gross profit= closing stock+ sales- opening stock- purchases.
Sales= cogs+ gross profit