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 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 | |