Question 32 Chapter 7 – Unimax Publication Class 12 Part 2 – 2021
Table of Contents
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
The solution of Question 32 Chapter 7 – Unimax Publication Class 12 Part 2-2021 : –
| 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. |
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Accounting Ratios – Meaning and Definition
Unimax Publication – Accountancy PSEB Class 12 – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit sharing ratio among Existing Partners )
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Unimax Publication – Accountancy PSEB (Class 12) – Part – II – Solution
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Company Accounts (Issue of Debentures)
- Chapter No. 3 – Company Accounts (Redemption of Debentures)
- Chapter No. 4 – Financial Statements of a Company
- Chapter No. 5 – Financial Statement Analysis
- Chapter No. 6 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
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