What is the value of closing stock when:
opening stock=70,000
purchase=4,16,000
sales=5,22,000
gross profit earned 25% of cost..
please explain.
thanks in advance
8 Replies
CS LLB Pulkit Gupta
(https://www.facebook.com/pages/Life-and-Promises/553962034682487)
(16631 Points)
Replied 01 May 2011
G.P. = 1/4 of cost = 1/5 of sales = 522000*.20 = 104400
Cl. Stk = O.stk + pur. + G.P. - Sales = 70000 + 416000 + 104400 - 522000 = 68400
Shriram Ramachandran
(IPCC Student CWA Inter & Processing officer in GNSA Infotech Ltd)
(492 Points)
Replied 01 May 2011
Dear Farzan
Closing Stock = (Opening Stock+Purchase+Profit) - Sales
so Cl St = [70,000+4,16,000+(5,22,000*25/125)] - 5,22,000
= [70,000+4,16,000+1,04,400] - 5,22,000
= 590400 - 5,22,000
Closing Stock = 68,400
25% on cost = 25/125 on sales so Profit = 5,22,000*25/125
Thanks
R Shriram
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 01 May 2011
| Originally posted by : Farzan | ||
 |
====================
Total = 486000
Less 417600*
= 68400 ( closing stock)
sales=5,22,000
|
 |
Prateek
(B.Com(H) PGDBA CA Final)
(436 Points)
Replied 02 May 2011
Can anyone tell if a dealer who is filing DVAT Returns monthly Turnover above 5 crore...if turnover falls below 5 crore...How can dealer move to Quartely Returns...tell me the rules...
Ashish Bhatt
( B.COm C.A FINAL (New))
(493 Points)
Replied 02 May 2011
Opening Stock 70000 Sles 522000
Purchae 416000
G.p (1/5 of 522000) 104400 Closing Stock 68400 (B/f)
590400 590400
Jafar Chelary
(Asst: Accountant)
(21 Points)
Replied 20 June 2011
1 - If the gross profit is 30% of cost what will happend?.
2- If the gross profit is earned from 30% of sales what will do?
Thanks in advance.
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