Question No 10 Chapter No 19
10. Ascertain the value of closing stock from the following
| Opening Stock | 4,80,000 |
| Purchase | 13,60,000 |
| Sales | 19,50,000 |
| G.P. is 30% on Cost. |
The solution of Question No 10 Chapter No 19: –
| Gross Profit | = | 30% on Cost |
| Let the Cost of Goods sold be ‘x’ | ||
| Gross Profit | = | 30/100 x |
| Cost of Good Sold | = | Cost of Good Sold |
| = | 30 | X | 19,50,000 | |
| 100x | ||||
| = | 100x +30x | x | 19,50,000 | |
| 100 | ||||
| = | 19,50,000 x 100 | |||
| 130 | ||||
| = | Rs 15,00,000 |
| Cost of goods Sold | = | Opening Stock + Net Purchases + Direct Expenses – Closing Stock |
| 9,36,000 | = | Opening Stock + Net Purchases + Direct Expenses − Closing Stock |
| Closing Stock | = | 18,40,000 − 15,00,000 |
| = | Rs 3,40,000 |
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
- Chapter 1 Evolution of Accounting & Basic Accounting Terms
- Chapter 2 Accounting Equations
- Chapter 3 Meaning and Objectives of Accounting
- Chapter 4 Double Entry System
- Chapter 5 Books of Original Entry – Journal
- Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
- Chapter 7 Books of Original Entry – Cash Book (Coming soon)
- Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
- Chapter 9 Ledger (Coming soon)
- Chapter 10 Trial Balance and Errors (Coming soon)
- Chapter 11 Bank Reconciliation Statement (Coming soon)
- Chapter 12 Depreciation (Coming soon)
- Chapter 13 Bills of Exchange (Coming soon)
- Chapter 14 Generally Accepted Accounting Principles(GAAP)
- Chapter 15 Bases of Accounting
- Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
- Chapter 17 Capital and Revenue
- Chapter 18 Provisions and Reserves
- Chapter 19 Final Accounts (Coming soon)
- Chapter 20 Final Accounts – With Adjustments (Coming soon)
- Chapter 21 Errors and their Rectification (Coming soon)
- Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
- Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
- Chapter 24 Computerised Accounting System (Coming soon)
- Chapter 25 Introduction to Accounting Information System (Coming soon)
Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.
