Opening stock Rs.10,000 Sales Rs.40,000 Purchases Rs.30,000 Gross profit on sales 20% From the above figures, the amount of closing stock can be valued at

Related MCQs

• A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
• Find the value of opening stock from the following data. Purchases ` 1,50,000, Closing stock ` 30,000 , Sales `2,20,000, Gross profit ` 40,000.
• Find the closing stock from the following details. Opening Stock ` 80,000, Purchases ` 1,40,000, Wages ` 60,000, Sales ` 3,20,000, GP on sales 25%
• When Sales = `3,60,000, Purchase = ` 3,20,000, Opening Stock = `68,000 and rate of the Gross Profit is 20% on cost, the Closing Stock would be
• Following information is given ` Opening Stock 2,13,000 Purchase 16,55,000 Sales 21,32,000 Carriage Inwards 32,500 Carriage Outwards 38,600 Return Inwards 38,000 If the rate of gross profit is 25% on cost then value of closing stock will be
• Goods are transferred from Department X to Department Y at a price so as to include a profit of 33.33% on cost. If the value of closing stock of Department Y is ` 48,000, then the amount of stock reserve on closing stock will be
• Goods are transferred from Department A to Department B at a price so as to include a profit of 33.33% on cost. If the value of closing stock of Department Y is `36,000, then the amount of stock reserve on closing stock will be
• From the following details calculate the net profit for the year ending 31.03.2013 Opening Stock ` 1,50,000; Purchase ` 2,50,000; Manufacturing Expenses ` 80,000; Selling Expenses ` 20,000; Administration Expenses ` 10,000; Financial Charges ` 5,000; Slaes ` 5,55,000 which includes damaged goods sold for ` 5,000 against the cost price of ` 12,000. Gross profit margin on normal sales is 20% on the sales
• Opening Stock ` 15,000, Closing Stock ` 6,000, Total Purchase during the year ` 30,000. Given that Opening Stock inadvertently includes postage stamps of ` 1,500. Find the cost of goods sold
• While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by ` 50,000. As a result