# Question No 20 Chapter No 19 – T.S. Grewal 11 Class

Question No.20 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

Question No 20 Chapter No 19

20. A firm sells goods at a Gross profit of 25% of sales. On 1st April, 2017 the Stock was 40,000; Purchases were 1,10,000 and the Stock on 31st March, 2018 was 30,000. What was the value of Sales?

## The solution of Question No 20 Chapter No 19:-

 Cost of Goods Sold = Net Sales – Gross Profit Cost of Goods Sold = Opening Stock + Purchases – Closing Stock Cost of Goods Sold = 40,000 + 1,10,000 – 30,000 = 1,20,00 Gross Profit = 25% of Sales or 33.33% of COGS Gross Profit = 40,000 Net Sales = Cost of Goods Sold + Gross Profit Net Sales = 1,20,000 + 40,000 = 1,60,000

Final Accounts: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

Balance Sheet: Meaning, Format & Examples

Comment if you have any question.

Also, Check out the solved question of previous Chapters: –

• Chapter No. 1 – Introduction to Accounting
• Chapter No. 2 – Basic Accounting Terms
• Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
• Chapter No. 4 – Bases of Accounting
• Chapter No. 5 – Accounting Equation
• Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
• Goods and Services Tax(GST)
• Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
• Chapter No. 8 – Journal
• Chapter No. 9 – Ledger
• Chapter No. 10 – Special Purpose Books I – Cash Book
• Chapter No. 11 – Special Purpose Books II – Other Books
• Chapter No. 12 – Bank Reconciliation Statement
• Chapter No. 13 – Trial Balance
• Chapter No. 14 – Depreciation
• Chapter No. 15 – Provisions and Reserves
• Chapter No. 16 – Accounting for Bills of Exchange
• Chapter No. 17 – Rectification of Errors
• Chapter No. 18 – Financial Statements of Sole Proprietorship
• Chapter No. 19 – Adjustments in preparation of Financial Statements
• Chapter No. 20 – Accounts from incomplete Records – Single Entry System
• Chapter No. 21 – Computers in Accounting
• Chapter No. 22 – Accounting Software – Tally
• Chapter No. 5 – Accounting Equation
• Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
• Goods and Services Tax(GST)
• Chapter No. 8 – Journal
• Chapter No. 9 – Ledger
• Chapter No. 10 – Special Purpose Books I – Cash Book

T.S. Grewal’s Double Entry Book Keeping