goods purchased 10000 ,sales 9000 .Margin 20% on cost .What is closing stock?
kindly help me out .
and plzz state the difference btwn this two questions.
goods purchased 10000 sales 9000 .Margin 20% on sales .What is closing stock?
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Profit loss
Replies (1)
Calculation of closing stock:
Purchases:Rs.10,000 Sales:Rs.9,000 Margin is 20% on cost
| On Cost | On Sales |
| 1/3 | 1/4 |
| 1/4 | 1/5 |
| 1/5 | 1/6 |
In the given case it is 1/5 on cost i.e., 1/5*100=20% which means 1/6 on sales hence,
Rs.9,000*1/6 = Rs.1,500 which is margin added
by deducting margin from sales balance would be Rs.7,500(9000-1500)
If the Opening Stock is NIL then purchases-sales at cost which is 10,000-7,500 = Rs.2,500 which is nothing but the Closing Stock
Then, 1/5 on sales Rs.9,000*1/5=Rs.1,800 which is margin on deduction from sales it is Rs.7,200(9000-1800)
Closing Stock=10,000-7,200=Rs.2,800 which is closing stock in case II
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