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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 32 Chapter 7 – UNIMAX Class 12 Part 2 – 2021
From the following details calculate (I) opening stock, (ii) closing stock
Stock turnover ratio = 6 times
Gross profit – 20% on sales
Sales 1,80,000
Closing stock is 15,000 in excess of opening stock
| Sales | = | = 1,80,000 |
| G.P. | = | 20% of 1,80,000 |
| = | 20/100 x 1,80,000 | |
| = | ₹36,000 | |
| C.O.G.S | = | Net Sales - G.P. |
| = | 1,80,000 -36,000 | |
| = | ₹ 1,44,000 |
|
Stock turnover ratio |
= | C.O.G.S |
| Average stock |
|
6 |
= | 1,44,000 |
| Average stock |
|
Average stock |
= | 1,44,000 |
| 6 |
| = | ₹24,000 | |
| Let opening stock | = | x |
| Closing stock | = | x +15,000 |
|
Average stock |
= | opening stock+closing stock |
| 2 |
| 24,000 | = | x + x+15,000 |
| 2 |
| 48,000 | = | 2x + 15000 |
| 2x | = | 48000 -15000 |
| = | ₹ 16,500 | |
| Opening stock | = | x = 16,500 |
| Closing stock | = | x + 15000 = 16,500 + 15,000 |
| = | 31,500 Ans. |
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.
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