The following are the transactions with respect to goods
traded by Gopal-
i) Purchased goods worth Rs.50,000 on 1-1-2005 for cash
ii) Sold goods costing Rs.20,000 for Rs.30,000 on cash
iii) Bought goods Rs.45,000 from Suresh & Co on credit
iv) Paid Rs.30,000 to Suresh who gave us a discount of Rs1,000
v) Sold goods Rs.23,000 but their cost is Rs.12,000 for cash
vi) Sold goods to Gangadhar for Rs12,000 on credit,(cost Rs
9000)
vii) Received cash from Gangadhar Rs.11,500 in full settlement.
viii) Paid carriage charges on the goods purchased Rs.2,000.
Find out the closing stock as on 31 -1-2005. Also, find how
much is still due to Suresh?
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Answer Posted / khader
opening stock = 0
net purchases =95000
direct exp = 2000
gross profit = 24000
cost of goods sold = 41000
net sales = 65000
closing stock =56000
here the answer
g.p = n.s-cogs(65000-41000=24000)
c.s = o.s+netpurchases+directexp+g.p-sales (0+95000+2000+24000-65000=56000)
so closing stock is 56000, due is 14000
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