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

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

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Question No 04 Chapter No 18

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4. Calculate Closing Stock from the following details:

    
Opening Stock 20,000Purchases70,000
Cash Sales60,000Credit Sales30,000
  Rate of Gross Profit on Cost 33 1 
  3% 

 

The solution of Question No 04 Chapter No 18:-

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Calculation of amount of Closing Stock

Gross Profit=331% on cost`=13rd on cost
33
∴ 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 X1= 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

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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. Grewal's Double Entry Book Keeping

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T.S. Grewal’s Double Entry Book Keeping

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