Question No 11 Chapter No 1 - USHA Publication 11 Class

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

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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

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

Chapter No. 3 – Origin of Transactions

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 14 – Provisions and Reserves