CA
347 Points
Joined June 2008
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.