Question No 12 Chapter No 1
12. From the following data of Hema , find out the cost of goods sold and sales for the year 2009-10
| Rs | |
| Opening Stock | 1,00,000 |
| Purchases during the year | 4,50,000 |
| Purchased retune | 30,000 |
| Custom duty | 18,000 |
| Closing stock | 58,000 |
| Gross profit 25% on sales |
The solution of Question No 12 Chapter No 1: –
| Calculation of cost of goods sold and sales |
||
| Particular |
Amount | |
| Opening stock | 1,00,000 | |
| + Purchases | 4,50,000 | |
| – Purchased retune | (30,000) | |
| + Import duty | 18,000 | |
| 5,38,000 | ||
| – Closing stock | 58,000 | |
| Cost of goods sold | 4,80,000 | |
| + Gross Profit (25%on cost) | 1,60,000 | |
| Sales | 6,40,000 | |
| Gross profit | = | 4,80,000 | X | 25 |
| 100 – 25 | ||||
| = | 1,60,000 |
Financial Accounting – Introduction and its Functions
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
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Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)