calculation of Gross Profit Amount and Closing Stock

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2010 Respected CCI member please heip me regarding valuation of closing stock of trading partnership firm of stationery .

Opening Stock NIL
Purcahse 489475 , sales 259590
Direct Income 8601,

Can any one help me for finding out gross profit and closing stock amount.
And i also want to know what should be gross profit and net profit ratio in trading business.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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20 March 2010 Closing stock will be the actual closing stock i. e. the physical closing stock at the year ende. How can anyone find out the closing stock in the above as purchases made are at cost of purchase and sales are at selling price and not on cost of purchase.