Question No 12 Chapter No 1 – USHA Publication 11 Class

Question No 12 Chapter No 1

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    

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