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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 15 Chapter No 17 – Class 11 Unimax
From the following information, ascertain the value of opening stock:
| Purchases | 3,00,000 | Wages | 20,000 |
| Sales | 6,00,000 | Carriage outwards | 40,000 |
| Closing stock | 60,000 | Rate of gross profit on cost of goods sold | 20% |
Memorandum trading A/c
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| To Opening stock A/c (Balance figure) |
2,40,000 | By Sales A/c | 6,00,000 |
| To Purchases A/c | 3,00,000 | By Closing stock A/c | 60,000 |
| To Wages A/c | 20,000 | ||
| To Gross Profit c/d | 1,00,000 | ||
| 6,60,000 | 6,60,000 |
Goods costing ₹ 100 has been sold at a profit of ₹ 20. As such
If the sales price is ₹ 120, gross profit = 20
If the sales price is ₹ 1, gross profit = 20/120
If the sales price is ₹ 6,00,000, gross = 6,00,000 *20/120 = 1,00,000
Note: Carriage outwards will be debited to Profit and Loss Account.
Economics Educator
Mrs. Dilgeerjot Kaur holds a B.Com and M.Com degree and has over 9 years of teaching experience in microeconomics, macroeconomics, and business economics.
This guide covers "Question 15 Chapter No 17 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 17 - Accounts from Incomplete Records - Single Entry System - Unimax.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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