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
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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)