Question No 15 Chapter No 17 – Unimax Class 11
From the following information, ascertain the value of opening stock:
| Purchases | 3,00,000 | Wages | 20,000 |
| Sales | 6,00,000 | Carriage outwards | 40,000 |
| Closing stock | 60,000 | Rate of gross profit on cost of goods sold | 20% |
The solution of Question No 15 Chapter No 17 – UNIMAX Class 11
Memorandum trading A/c
| Particulars | Amount | Particulars | Amount |
| To Opening stock A/c (Balance figure) |
2,40,000 | By Sales A/c | 6,00,000 |
| To Purchases A/c | 3,00,000 | By Closing stock A/c | 60,00 |
| To Wages A/c | 20,000 | ||
| To Gross Profit c/d | 6,000 | ||
| 6,60,000 | 6,60,000 |
Goods costing ₹ 100 has been sold at a profit of ₹ 20. As such
If the sales price is ₹ 120, gross profit = 20
If the sales price is ₹ 1, gross profit = 20/120
If the sales price is ₹ 6,00,000, gross = 6,00,000 *20/120 = 1,00,000
Note: Carriage outwards will be debited to Profit and Loss Account.
Thanks, Please Like and share with your friends
Comment if you have any Doubts.
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
Advertisement-X
Balance Sheet: Meaning, Format & Examples
Also, Check out the solved question of all Chapters: –
Advanced Accountancy – Unimax Class 11 – 2021 – Solution.
Part-I
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
Students may choose only one part from the Part II and Part III
Part-II
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
Part-III
- Chapter No. 18 – Introduction to Computers and Accounting information System
- Chapter No. 19 – Computerised Accounting
- Chapter No. 20 – Accounting Software: Tally
- Chapter No. 21 – Data Base System
- Chapter No. 22 – Concept of Entity and Relationship
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Advertisement-X
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
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Advertisement-X
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication4