Question No 08 Chapter No 19

Question No 08 Chapter No 19

08.Ascertain the value of closing stock from the following:

Opening Stock1,20,000
Purchases during the year9,30,000
Sales during the year15,60,000
Rate of Gross Profit40% on Sales

The solution of Question No 08 Chapter No 19: –

Gross Profit=40% on Sale
 =40X15,60,000
 100
 =Rs 6,24,000  
Cost of goods Sold=Sale – Gross Profit
 =15,60,000 – 6,24,000
 =Rs 9,36,000
   
Cost of goods Sold=Opening Stock + Net Purchases + Direct Expenses – Closing Stock
9,36,000=1,20,000 + 9,30,000 + 0 – Closing Stock
Closing Stock=10,50,000 – 9,36,000
 =Rs 1,14,000

Trading Account: Meaning, Format and Examples

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

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 08 Chapter No 19 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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