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    ajayrcsingh's Avatar
    ajayrcsingh Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 15, 2015, 11:11 PM
    Calculate Closing Stock as on 30.6.2015
    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's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Jul 15, 2015, 11:22 PM
    What do YOU think ?
    While we're happy to HELP we wont do all the work for you.
    Show us what you have done and where you are having problems..
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