Stock as on January 5, Rs 27,000;
Purchases between Dec 31st to Jan. 5, Rs. 700;
Cost of sales between Dec. 31st to Jan. 5, Rs. 1,500.
What was the stock on Dec. 31?

Rs. 27,800

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Rs. 26,200

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Rs. 26,300

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Rs. 28, 500

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C Rs. 26,200
Cost of goods sold can be calculated as:
Opening stock +Purchases-Closing stock=Cost of goods sold
Rs.27000+Rs.700-Closing Stock=Rs.1500
Rs.27700-Rs.1500=Closing stock
Closing Stock =Rs.26200

Suggest Corrections

Similar questions

Q. X who was closing his book 31st march failed to take the actual stock which he did on 9th April, when it was ascertained by him to be worth Rs.50,000
It was found that sales are entered in the Sales Day Book on the same day of dispatch and the returns inward in the return book as and when goods are received back . Purchases are entered in the Purchase Day Book once the invoices are received .Observations-
(i) Sales between 31st March and 9th April as Sales Book are Rs.1,720.Rate of gross profit is 1/3rd on cost.
(ii) Purchases during the same period as per Purchases Book are Rs.120.
(iii) Out of above purchases , goods amounting to Rs.50 were not received until after the stock was taken.
(iv) Goods invoiced during the month of March , but goods received only on 4th April , amounted to Rs.100.
The Value of physical stock on 31st March is ________________.

Q. A firm closes their financial books on 31st March. Stock-taking could be completed after two weeks i.e., 15th April, the value arrived was Rs.

25, 000

. During the two week purchases were RS.

1, 000

and sales were of Rs.

4, 000

. GP Ratio of the firm is

30

%. Ascertain the value of closing stock as on 31st March.

Q. Opening Stock Rs. 90,000, Cash Sales Rs. 36,000, Credit Sales Rs. 7,20,000, Returns outwards Rs. 6,000. Wages & Salaries Rs. 2,400 Carriage Inwards Rs. 1,200. Freight Inwards Rs. 1,800, Cartage Inwards Rs. 600, Cash Purchases Rs. 30,000, Credit Purchases 6,00,000, Returns Inward Rs. 12,000, Cost of closing Stock as on 31st March Rs. 54,000 but its market value is Rs. 50,400, Freight outwards Rs. 600. The Gross Profit for the year is _____________.

In 2012 the value of the closing stock was Rs. 1,05,000 without making adjustments for the following:

(1) Purchases made during the two weeks after 31st March, 2012 were Rs. 5,000.

(2) Sales made during these two weeks amounted to Rs. 30,000. The firm makes a gross profit of 33 1/3% on sales. Find out the value of the closing stock on 31st March, 2012.

Q. Opening Stock Rs. 1,00,000, Sales Rs. 5,00,000, Gross profit @ 25% on cost, Purchase Rs. 6,00,000. Closing Stock is ___________.

Join BYJU'S Learning Program

Stock as on January 5, Rs 27,000; Purchases between Dec 31st to Jan. 5, Rs. 700; Cost of sales between Dec. 31st to Jan. 5, Rs. 1,500. What was the stock on Dec. 31?

The correct option is C Rs. 26,200Cost of goods sold can be calculated as:Opening stock +Purchases-Closing stock=Cost of goods soldRs.27000+Rs.700-Closing Stock=Rs.1500Rs.27700-Rs.1500=Closing stockClosing Stock =Rs.26200

Stock as on January 5, Rs 27,000;
Purchases between Dec 31st to Jan. 5, Rs. 700;
Cost of sales between Dec. 31st to Jan. 5, Rs. 1,500.
What was the stock on Dec. 31?

The correct option is C Rs. 26,200
Cost of goods sold can be calculated as:
Opening stock +Purchases-Closing stock=Cost of goods sold
Rs.27000+Rs.700-Closing Stock=Rs.1500
Rs.27700-Rs.1500=Closing stock
Closing Stock =Rs.26200