ali (Student CA CPT ) (130 Points)
03 March 2014Data pretaining toXYZ ltd for the month of march 2012
opening stock RS 60,000
closing stock RS 80,000
Purchases RS 11,20,000
Returns outwards RS 30,000
Return Inwards RS 40,000
Carriage Inwards RS 10,000
If the gross profit is 20% of net sales, the gross sales for the month of march 2012 is????
:( plss help me
Dimple
(.)
(252 Points)
Replied 04 March 2014
Gross Sales = 13,90,000
Here's how it is solved:
GP is 20% on sales that means 25% of cost of goods sold
COGS = Op. Stock + (Purchase - return outwards) + Carriage Inwards - Closing Stock
COGS = 60000 + 1120000 - 30000 + 10000 -80000
COGS = 1080000
GP = 1080000 * 0.25
GP = 270000
Since GP is 20% of net sales
Net sales = 270000/20%
Net Sales = 1350000
Gross Sales = Net Sales + Return Inwards
Gross Sales = 1350000 + 40000
Gross Sales = 1390000
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