# Question No 24 Chapter No 19 – T.S. Grewal 11 Class

Question No.24 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

Question No 24 Chapter No 19

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

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