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

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

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Question No 24 Chapter No 19

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24. Calculate the value of Closing Stock from the following information:

  
Purchases93,000
Wages20,000
Sales1,20,000
Carriage Outwards3,200
Opening Stock16,000


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



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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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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