Question No 13 Chapter No 1 – USHA Publication 11 Class

Question No 13 Chapter No 1

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  

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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    

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