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Question

Calculate closing stock and cost of goods sold. Opening stock Rs. 5,000 ; sales Rs. 16,000; carriage inwards Rs. 1,000, sales return Rs. 1,000; gross profit Rs. 6,000; purchases Rs. 10,000; purchases return Rs. 900.

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Solution

Cost of Goods Sold
= Net Sales (Sales - Sales Return) - Gross Profit
= Rs. 15,000 - Rs. 6,000
= Rs. 9,000.

Closing Stock
= Opening Stock + Net Purchaases (Purchases - Purchases Return) + Carriage Inwards - Cost of Goods Sold
= Rs. 5,000 + Rs. 9,100 + Rs. 1,000 - Rs. 9,000
= Rs. 6,100


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