Question

When opening stock Rs.$62,000$, purchase Rs.$4,20,000$, Sales Rs.$4,20,000$, Sales Rs.$6,00,000$ and Rate of Gross profit on cost $33\frac{1}{3}\%$ then the amount of closing stock is ___________.

• A. Rs.$62,000$
• B. Rs.$32,000$
• C. Rs.$72,000$
• D. Rs.$42,000$

Answer 1

Answer: (B)

Rs.$32,000$

Let cost be equal to $3$, then G.P.
= $33\frac{1}{3}\%$ of $3$ = $1$
Hence,
Sales = Cost + G.Profit
= Rs $3$ + Re. $1$
= Rs $4$
If sales are Rs.$4$ then cost of goods sold = Rs $3$
If Sales are Rs.$6,00,000$ then cost of goods sold
= $\frac{3\times 6,00,000}{4}$
= $4,50,000$
Hence, Closing Stock
= Rs.$62,000$ + Rs.$4,20,000$ - Rs. $4,50,000$
= Rs. $32,000$.