Asertain cost of goods sold from the followingWhine Indirect expenses - 30-400 1 t e x t D i r e c t e x p e n s e s - 37-200 1Sales - 2-40-000 1 t e x t Net purchases - 1-44-000 1 Return inwards - 24-000 Return outwards - 16-000 1 Closing inventory - 56-000 1lend array

Cost of Goods Sold = Direct Expenses + Net Purchases + Opening Inventory Closing Inventory nbsp; = Rs. 37,200 + Rs. 1,44,000 + Rs. 32,000 Rs. 56,000 = Rs. ...

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Byju's Answer

Standard XI

Accountancy

Finding Closing Stock

Asertain cost...

Question

Asertain cost of goods sold from the following

$\begin{matrix} Amt (Rs.) Indirect expenses & 30, 400 Direct expenses & 37, 200 Sales & 2, 40, 000 Net purchases & 1, 44, 000 Return inwards & 24, 000 Return outwards & 16, 000 Closing inventory & 56, 000 Opening inventory & 32, 000 \end{matrix}$

Open in App

Solution

Cost of Goods Sold
= Direct Expenses + Net Purchases + Opening Inventory - Closing Inventory

= Rs. 37,200 + Rs. 1,44,000 + Rs. 32,000 - Rs. 56,000
= Rs. 1,57,200

Suggest Corrections

Similar questions

Prepare trading and profit and loss account from the following trial balance as on 31st March, 2016.
$\begin{matrix} Name of Accounts & Dr. Balance (Rs.) & Cr. Balance (Rs.) Cash in Hand & 20, 000 Cash at Bank & 1, 80, 000 Purchase and Sales & 22, 00, 000 & 35, 00, 000 Return Inwards & 60, 000 Return Outwards & 75, 000 Carriage on Purchases & 44, 000 Carriage on Sales & 21, 000 Fuel and Power & 1, 55, 000 Stock (1st April, 2015) & 3, 60, 000 Bad Debts & 62, 000 Bad Debts Provision & 25, 000 Debtors and Creditors & 8, 20, 000 & 3, 00, 000 Capital & 21, 70, 000 Investment & 2, 00, 000 Interest on Investments & 20, 000 Loan from X(@18% per annum) & 1, 00, 000 Repairs & 15, 200 General Expenses & 1, 06, 000 Land and Buildings & 18, 00, 000 Wages and Salaries & 1, 80, 000 Miscellaneous Receipts & 1, 200 Bills Payable & 52, 000 Stationery & 20, 000 - ----------- - & - ----------- - 62, 43, 200 & 62, 43, 200 \end{matrix}$

Additiional Information:
(i) Written off Rs. 20,000 as bad debts and provision for doubtful debts is to be maintained at 5% on debtors.
(ii) Loan from X was taken on 1st August, 2015. No Interest has been paid so far.
(iii) Included in general expenses is insurace premium Rs. 12,000, paid for one year ending 30th June, 2016
(iv) $\frac{1}{3}$ of wages and salaries is to be charged to trading account and the balance to profit and loss account.
(v) Entire stationery was used by the proprietor for his personal purpose.
(vi) Closing stock was valued at Rs. 5,00,000.

Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv and Sons for the year ended March 31, 2011.

$\begin{matrix} (Rs.) Opening stock & 50, 000 Net sales & 11, 00, 000 Net purchase & 6, 00, 000 Direct expenses & 60, 000 Administration expenses & 45, 000 Selling and distribution expenses & 65, 000 Loss due to fire & 20, 000 Closing stock & 70, 000 \end{matrix}$

From the following information, calculate cash from operating activities:
$\begin{matrix} Rs. Proft and Loss Balance on 1st April, 2017 & 25, 000 Profit and Loss Balance on 31st March, 2018 & 80, 000 Depreciation on Fixed Assets & 12, 500 Amortisation of Goodwill & 8, 000 Loss on Sale of Machine & 20, 000 Provision for Taxation & 15, 000 Transfer to General Reserve & 30, 000 Decrease in Trade Receivables & 22, 800 Decrease in Trade Payables & 4, 700 Outstanding Expenses on 1st April, 2017 & 5, 000 Outstanding Expenses on 31st March, 2018 & 6, 500 Prepaid Expenses on 1st April, 2017 & 2, 000 \end{matrix}$

From the following information, calculate the amount to be paid to creditors

$\begin{matrix} (Rs.) Sundry creditors as on March 31, 2005 & 1, 80, 425 Discount received & 26, 000 Discount allowed & 24, 000 Return outwards & 37, 200 Return inward & 32, 200 Bills accepted & 1, 99, 000 Bills endorsed to creditors & 26, 000 Creditors as on April 1, 2006 & 2, 09, 050 Total purchase & 8, 97, 000 Cash purchase & 1, 40, 000 \end{matrix}$

Based on Table 1, the statistical discrepancy is:

Table 1

$\begin{matrix} Exports of goods and services & 1000 Importants of goods and services & 800 Net change in assets owned abroad & 500 Net change in foreign owned assets at home & 400 Unilateral transfers received & 100 Unilateral transfers paid & 200 Investment income paid to foreigners & 300 Investment income received from foreigners & 400 \end{matrix}$

Join BYJU'S Learning Program

Asertain cost of goods sold from the following Amt (Rs.)Indirect expenses 30,400Direct expenses 37,200Sales2,40,000Net purchases1,44,000Return inwards 24,000Return outwards 16,000Closing inventory 56,000Opening inventory 32,000

Cost of Goods Sold = Direct Expenses + Net Purchases + Opening Inventory - Closing Inventory = Rs. 37,200 + Rs. 1,44,000 + Rs. 32,000 - Rs. 56,000 = Rs. 1,57,200

Asertain cost of goods sold from the following

$\begin{matrix} Amt (Rs.) Indirect expenses & 30, 400 Direct expenses & 37, 200 Sales & 2, 40, 000 Net purchases & 1, 44, 000 Return inwards & 24, 000 Return outwards & 16, 000 Closing inventory & 56, 000 Opening inventory & 32, 000 \end{matrix}$

Cost of Goods Sold
= Direct Expenses + Net Purchases + Opening Inventory - Closing Inventory

= Rs. 37,200 + Rs. 1,44,000 + Rs. 32,000 - Rs. 56,000
= Rs. 1,57,200