1. Categories >> Accounting >> Accounting General
  2. Suggest New Category

opening stock rs.6000
purchases rs.22000
cash sales rs.18000
credit sales rs.12000
calculate closing stock if rate of gross profit on cost of goods sold 25%.

Question Posted / minu

Answers were Sorted based on User's Feedback



opening stock rs.6000 purchases rs.22000 cash sales rs.18000 credit sales rs.12000 calculate clo..

Answer / s_tailang

cost of good sold= opening stock + net purchases – direct expenses – closing stock
hence 6000+ 22000 = 28000
profit on cost of closing stock 28000xx25%=7000
total profit on cost of good sold is 28000+7000=35000
hence closing stock = cost of good sold – total sales
35000–(18000+30000)=5000

Is This Answer Correct ?    6 Yes 0 No

opening stock rs.6000 purchases rs.22000 cash sales rs.18000 credit sales rs.12000 calculate clo..

Answer / ketan bhatt

Profit margin should not be added to closing stock. it will increase your GP and NP. Closing stock should be calculated @ it is purchased.

Is This Answer Correct ?    0 Yes 0 No

opening stock rs.6000 purchases rs.22000 cash sales rs.18000 credit sales rs.12000 calculate clo..

Answer / shilpi panchal

5000 Closing Stock

Is This Answer Correct ?    0 Yes 3 No

Post New Answer

More Accounting General Interview Questions

MY QUESTION IS OUR EMPLOYEE PAID SCHOOL FEES & TUTION FEES & BUS FEES FOR CHILD EDUCATION. IN WHAT KIND OF FEES WE TAKE DEDUCTION UNDER 80 C.

2 Answers  

HI FRNDS THIS IS NARESH I DONE MBA (FINANCE)IN 2011. AND I DID COMPLETE SAP FICO.I WANT TO DO START CAREER WITH SAP FICO PLZ TELL ME PLZ HAVE ANY INTERVIEW AS FRESHER IN HYD OR PLZ SEND THIS MAIL...NAINALA.NARESH@GMAIL.COM

0 Answers   IBM, Kumaran Systems,

In accounting, vat abbreviates what?

0 Answers  

PRELIMINARY EXPENSES INCURRED IN THE YEAR OCTOBER 2012 MONTH 5LAKS WHICH ACCOUNTED IN ASSET SIDE AS ''PRELIMINARY EXPENSES''... IN YEAR END MARCH 2013, IN 5LAKS HOW MUCH AMOUNT SHOULD TAKE FOR PRELIMINARY EXPENSES WRITTEN OFF..?

0 Answers  

Please tell me what is the journal entry of closing balance ?

2 Answers   IBM,




Dear sir Per Day Maximum Cash payment for Limited company in India

1 Answers  

What is debit and credit?

8 Answers  

"Closed Period" method. our current company method of accounting is called the "OPEN PERIOD". It's time we'd like to use the "CLOSED PERIOD". What is the standard timing and detailed procedure for closed period most of the company have been used. Please advise. thanks.

0 Answers  

What's the VAT percentage?

8 Answers   Sony,

why do we take preliminary expenses into asset side?

5 Answers   Infosys,

what is finance

1 Answers   Integreon,

could i know how to accounting lease intrest ?

0 Answers  

For more Accounting General Interview Questions Click Here
Categories