Question No 04 Chapter No 18 – T.S. Grewal 11 Class

Question No 04 Chapter No 18

Question No 04 Chapter No 18

4. Calculate Closing Stock from the following details:

       
Opening Stock  20,000 Purchases 70,000
Cash Sales 60,000 Credit Sales 30,000
    Rate of Gross Profit on Cost 33 1  
    3%  

 

The solution of Question No 04 Chapter No 18:-

Calculation of amount of Closing Stock

Gross Profit= 33 1 % on cost`= 1 3rd on cost
3 3
∴ Gross Profit on sales = 1  on sales
4

And, Sales = Cash Sales + Credit Sales = 60,000+40,000 = Rs 1,00,000

 

So, Gross Profit =1,00,000 X 1 = Rs 25,000
4
Cost of Goods Sold = Sales −Gross Profit
  = = 1,00,000 −25,000 = Rs 75,000
Cost of Goods Sold = =Opening Stock +Purchases +Direct Expenses −Closing Stock
  = 75,000 = 20,000 +70,000 +0 −Closing Stock
Closing Stock = Rs 15,000

 

 

Final Accounts: Definition and Explanation

 

Trading Account: Meaning, Format and Examples

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Also, Check out the solved question of previous Chapters: –

    • Chapter No. 1 – Introduction to Accounting
    • Chapter No. 2 – Basic Accounting Terms
    • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
    • Chapter No. 4 – Bases of Accounting
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book
    • Chapter No. 11 – Special Purpose Books II – Other Books
    • Chapter No. 12 – Bank Reconciliation Statement
    • Chapter No. 13 – Trial Balance
    • Chapter No. 14 – Depreciation
    • Chapter No. 15 – Provisions and Reserves
    • Chapter No. 16 – Accounting for Bills of Exchange
    • Chapter No. 17 – Rectification of Errors
    • Chapter No. 18 – Financial Statements of Sole Proprietorship
    • Chapter No. 19 – Adjustments in preparation of Financial Statements
    • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
    • Chapter No. 21 – Computers in Accounting
    • Chapter No. 22 – Accounting Software – Tally
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewals Double Entry Book Keeping - Question No 04 Chapter No 18 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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