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ajayrcsingh
Jul 15, 2015, 11:11 PM
Calculate Closing Stock as on 30.6.2015
Stock as on 1.1.2015 ₹ 70,000 , Purchase from 1.1.2015 to 30.6.2015 ₹ 6,00,000 , Sales from 1.1.2015 to 30.6.2015 ₹ 8,80,000 , G.P. Ratio for 2014 was 30%. In 2015, the cost of purchases and selling prices have increased by 20% and 10% respectively above the levels prevailing in 2014.
Solution
Closing Stock: on FIFO basis = ₹ 12,000 & on LIFO Basis ₹ 10,000


Particulars

2014


2015


Particulars

2014


2015




To Opening Stock

70,000

70,000

By Sales

8,00,000

8,80,000



To Purchase

5,00,000

6,00,000

By Closing Stock (Balancing Figure)

10,000

12,000



To Gross Profit @30% on normal sales

2,40,000

2,22,000











8,10,000

8,92,000



8,10,000

8,92,000






Please explain above solution specially Gross Profit 2,22,000 & Closing Stock

Curlyben
Jul 15, 2015, 11:22 PM
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