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Opening stock 13,500, Purchase 82,500, Sales 1,20,000 and stock salvaged 1,260, the rate of gross profit 50% on cost then the stock destroyed by fire will be:?
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Opening stock 13,500, Purchase 82,500, Sales 1,20,000 and stock salvag...
Given data:
- Opening stock = 13,500
- Purchases = 82,500
- Sales = 1,20,000
- Stock salvaged = 1,260
- Gross profit rate = 50% on cost

To find:
- Stock destroyed by fire

Solution:
1. Calculation of Cost of Goods Sold (COGS):
- COGS = Opening stock + Purchases - Stock salvaged
- COGS = 13,500 + 82,500 - 1,260
- COGS = 94,740

2. Calculation of Gross Profit:
- Gross profit = Sales - COGS
- Gross profit = 1,20,000 - 94,740
- Gross profit = 25,260

3. Calculation of Cost of Sales:
- Cost of sales = Sales - Gross profit
- Cost of sales = 1,20,000 - 25,260
- Cost of sales = 94,740

4. Calculation of Cost of Stock Destroyed by Fire:
- As the rate of gross profit is 50% on cost, the cost of sales is 50% of the sales.
- Cost of sales = 50% of Sales
- 94,740 = 50% of X
- X = (94,740 * 100) / 50
- X = 1,89,480 (Cost of goods sold)
- Cost of destroyed stock = Cost of goods sold - (Opening stock + Purchases - Stock salvaged)
- Cost of destroyed stock = 1,89,480 - (13,500 + 82,500 - 1,260)
- Cost of destroyed stock = 1,89,480 - 94,740
- Cost of destroyed stock = 94,740

Therefore, the cost of stock destroyed by fire is 94,740.
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Opening stock 13,500, Purchase 82,500, Sales 1,20,000 and stock salvag...
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Opening stock 13,500, Purchase 82,500, Sales 1,20,000 and stock salvaged 1,260, the rate of gross profit 50% on cost then the stock destroyed by fire will be:?
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Opening stock 13,500, Purchase 82,500, Sales 1,20,000 and stock salvaged 1,260, the rate of gross profit 50% on cost then the stock destroyed by fire will be:? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Opening stock 13,500, Purchase 82,500, Sales 1,20,000 and stock salvaged 1,260, the rate of gross profit 50% on cost then the stock destroyed by fire will be:? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Opening stock 13,500, Purchase 82,500, Sales 1,20,000 and stock salvaged 1,260, the rate of gross profit 50% on cost then the stock destroyed by fire will be:?.
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