Question No 24 Chapter No 19
Table of Contents
24. Calculate the value of Closing Stock from the following information:
| Purchases | 93,000 |
| Wages | 20,000 |
| Sales | 1,20,000 |
| Carriage Outwards | 3,200 |
| Opening Stock | 16,000 |
Rate of Gross Profit 25% on Cost.
The solution of Question No 24 Chapter No 19:-
| Rate of Gross Profit on Cost | = | 1/4 |
| Rate of Gross Profit on Sale | = | 1/5 |
| Gross Profit | = | 24,000 1/5 of 1, 20, 000 |
| Cost of Goods Sold | = | Net Sales – Gross Profit |
| Cost of Goods Sold | = | 1,20,000 – 24,000 = 96,000 |
| Cost of Goods Sold | = | Opening Stock + Purchases + Direct Expenses – Closing Stock |
| 96,000 | = | 16,000 + 93,000 + 20,000 – Closing Stock |
| Closing Stock | = | 33,000 |
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
Balance Sheet: Meaning, Format & Examples
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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
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