
Question No 11 Chapter No 1
11. From the following data of Vikas, find out the cost of goods sold and sales for the year 2009-10
Rs | |
Stock of goods on 1.4.2009 | 60,000 |
Purchases | 1,50,000 |
Wages | 10,000 |
Gross profit 30% on the cost |
The solution of Question No 11 Chapter No 1: –
Calculation of cost of goods sold and sales |
||
Particular |
Amount | |
Opening stock | 60,000 | |
+ Purchases | 1,50,000 | |
+ Import duty | 10,000 | |
2,20,000 | ||
– Closing stock | 40,000 | |
Cost of goods sold | 1,80,000 | |
+ Gross Profit (30%on cost) | 54,000 | |
Sales | 2,34,000 |
To understand more about Introduction to accounting please check out following links: –
Financial Accounting – Introduction and its Functions
Thanks, Please Like and share with your friends
Comment if you have any question.
Also, Check out the solved question of all Chapters: –
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Vouchers and transactions
Chapter No. 4 – Journal
Chapter No. 5 – Ledger
Chapter No. 6 – Cash Book
Chapter No. 7 – Other Subsidiary Books
Chapter No. 8 – Journal Proper
Chapter No. 9 – Trial Balance
Chapter No. 10 – Bank Reconciliation Statement
Chapter No. 11 – Depreciation
Chapter No. 12 – Provisions and Reserves
Chapter No. 13 – Bills of Exchange
Chapter No. 14 – Rectification of Errors
Chapter No. 15 – Financial Statements – (Without Adjustments)
Chapter No. 16 – Financial Statements – (With Adjustments)