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

Question No.04 - Chapter No.18- T.S. Grewal +1 Book 2019-Solution

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

Comment if you have any question.

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