When Sales of Rs. 1,54,000, Purchases Rs. 1,20,000, Opening Stock Rs. 32,000 and the Rate of the Gross…
Gross profit is 20% of purchases, or 0.20 × Rs. 1,20,000 = Rs. 24,000. Cost of goods sold is Rs. 1,54,000 − Rs. 24,000 = Rs. 1,30,000. Closing stock is Rs. 32,000 + Rs.…
Choose your answer
When Sales of Rs. 1,54,000, Purchases Rs. 1,20,000, Opening Stock Rs. 32,000 and the Rate of the Gross Profit is 20% on Purchases, the Closing Stock would be:
Answer and explanation
Correct answer C
Gross profit is 20% of purchases, or 0.20 × Rs. 1,20,000 = Rs. 24,000. Cost of goods sold is Rs. 1,54,000 − Rs. 24,000 = Rs. 1,30,000. Closing stock is Rs. 32,000 + Rs. 1,20,000 − Rs. 1,30,000 = Rs. 22,000.
Practice for these exams
-
Telangana SET (TG SET)