***CLOSING STOCK***
Catherine (Article) (141 Points)
17 January 2022While preparing Trading account how should we determine CLOSING STOCK and GROSS PROFIT in case only 3 items are given i.e. opening stock,purchase and COGS.
MPR Sanjay Kumar
(3118 Points)
Replied 17 January 2022
Tanuj Chandra Saxenaa
(Company Secretary)
(7075 Points)
Replied 17 January 2022
Catherine
(Article)
(141 Points)
Replied 18 January 2022
Aarti Maurya
(Student)
(3273 Points)
Replied 20 January 2022
Closing stock = opening stock + purchase- cost of goods sold(cogs)
Gross profit= closing stock+ sales- opening stock- purchases.
Sales= cogs+ gross profit