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

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