Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 13 Chapter No 1
13. From the following data of Nargis, find out the cost of goods sold and sales for the year 2015-16
| Rs | |
| Stock of goods on 1-4-2015 | 45,000 |
| Purchases during the year | 2,46,000 |
| Purchased retune | 31,000 |
| Freight on purchased | 10,000 |
| Stock of goods on 31-3-2016 | 70,000 |
| Gross profit 20% on sales |
Calculation of cost of goods sold and sales
| Particular |
Amount | |
|---|---|---|
| Opening stock | 45,000 | |
| + Purchases | 2,46,000 | |
| - Purchased retune | (31,000) | |
| + Import duty | 10,000 | |
| 2,70,000 | ||
| - Closing stock | 70,000 | |
| Cost of goods sold | 2,00,000 | |
| + Gross Profit (20% on sales) | 50,000 | |
| Sales | 2,50,000 | |
| Gross profit | = | 2,00,000 | X | 20 |
| 100 - 20 | ||||
| = | 50,000 |
https://tutorstips.com/introduction-to-financial-accounting/
Thanks, Please Like and share with your friends
Comment if you have any question.
Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question No 13 Chapter No 1 - USHA Publication 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +1 Elements of Book-Keeping.
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.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question No 13 Chapter No 1 - USHA Publication 11 Class" instantly.
