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Question

From the given information, find the correct amount of purchases.Cost of goods soldRs.1,20,000Carriage inwardsRs.1,890Opening stockRs.43,640Closing stockRs.38,500Purchase returnsRs.2,150SalesRs.2,82,650

A
Rs.1,15,120
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B
Rs.62,650
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C
Rs.1,10,420
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D
None of the above
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Solution

The correct option is C Rs.1,15,120Cost of Goods Sold=Opening Stock+Purchases+Carriage Inwards-Purchase returns-Closing Stock.This can can be tabulated as: Opening Stock 43,640 Add: Purchases 1,15,120 Add:Carriage Inward 1,890 Less: Purchase returns -2,150 _______1,58,500 Less:Closing Stock 38,500_______ Cost of Goods Sold 1,20,000

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