Question No 13 Chapter No 1
13. From the following data of Nargis, find out the cost of goods sold and sales for the year 2015-16
| Rs | |
| Stock of goods on 1-4-2015 | 45,000 |
| Purchases during the year | 2,46,000 |
| Purchased retune | 31,000 |
| Freight on purchased | 10,000 |
| Stock of goods on 31-3-2016 | 70,000 |
| Gross profit 20% on sales |
The solution of Question No 13 Chapter No 1: –
| Calculation of cost of goods sold and sales |
||
| Particular |
Amount | |
| Opening stock | 45,000 | |
| + Purchases | 2,46,000 | |
| – Purchased retune | (31,000) | |
| + Import duty | 10,000 | |
| 2,70,000 | ||
| – Closing stock | 70,000 | |
| Cost of goods sold | 2,00,000 | |
| + Gross Profit (25%on cost) | 50,000 | |
| Sales | 2,50,000 | |
| Gross profit | = | 2,00,000 | X | 20 |
| 100 – 20 | ||||
| = | 50,000 |
Financial Accounting – Introduction and its Functions
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
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Chapter No. 2 – Theory Base of Accounting
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
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Chapter No. 12 – Bank Reconciliation Statement
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)