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Opening stock 30000 purchases 325000 sales 400000 and on 31/3/2011 opening stock 35000 purchases 420000 sales 500000 if the gross profit reamain unchanged then what will be the value of closing stock on 31/3/2011?
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Opening stock 30000 purchases 325000 sales 400000 and on 31/3/2011 ope...
Calculation of Closing Stock on 31/3/2011
Given data:
- Opening Stock (1/4/2010) = 30,000
- Purchases during the year = 3,25,000
- Sales during the year = 4,00,000
- Opening Stock (1/4/2011) = 35,000
- Purchases during the year = 4,20,000
- Sales during the year = 5,00,000
Calculation of Cost of Goods Sold (COGS)
The formula for calculating COGS is:
COGS = Opening Stock + Purchases - Closing Stock
Using the above formula, we can calculate the COGS for the year:
- COGS for the year 2010-11 = 30,000 + 3,25,000 - Closing Stock
- COGS for the year 2010-11 = 3,55,000 - Closing Stock
Now, we need to calculate the gross profit for the year. Given that the gross profit remained unchanged, we can use the following formula:
Gross Profit = Sales - COGS
Calculation of Gross Profit
Using the above formula, we can calculate the gross profit for the year:
- Gross Profit for the year 2010-11 = 5,00,000 - (3,55,000 - Closing Stock)
- Gross Profit for the year 2010-11 = 1,45,000 + Closing Stock
Calculation of Closing Stock
Now, we can calculate the value of closing stock on 31/3/2011:
- Gross Profit for the year 2010-11 = 1,45,000 + Closing Stock
- 1,45,000 + Closing Stock = Gross Profit for the year 2010-11
- 1,45,000 + Closing Stock = Gross Profit for the year 2010-11
- Closing Stock = Gross Profit for the year 2010-11 - 1,45,000
- Closing Stock = 2,00,000
Conclusion
The value of closing stock on 31/3/2011 is 2,00,000. This calculation was done by using the formula for COGS, gross profit, and closing stock. By subtracting the COGS from sales, we got the gross profit. Then, by using the gross profit and the formula for COGS, we were able to calculate the value of closing stock.
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Opening stock 30000 purchases 325000 sales 400000 and on 31/3/2011 opening stock 35000 purchases 420000 sales 500000 if the gross profit reamain unchanged then what will be the value of closing stock on 31/3/2011?
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Opening stock 30000 purchases 325000 sales 400000 and on 31/3/2011 opening stock 35000 purchases 420000 sales 500000 if the gross profit reamain unchanged then what will be the value of closing stock on 31/3/2011? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Opening stock 30000 purchases 325000 sales 400000 and on 31/3/2011 opening stock 35000 purchases 420000 sales 500000 if the gross profit reamain unchanged then what will be the value of closing stock on 31/3/2011? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Opening stock 30000 purchases 325000 sales 400000 and on 31/3/2011 opening stock 35000 purchases 420000 sales 500000 if the gross profit reamain unchanged then what will be the value of closing stock on 31/3/2011?.
Opening stock 30000 purchases 325000 sales 400000 and on 31/3/2011 opening stock 35000 purchases 420000 sales 500000 if the gross profit reamain unchanged then what will be the value of closing stock on 31/3/2011? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Opening stock 30000 purchases 325000 sales 400000 and on 31/3/2011 opening stock 35000 purchases 420000 sales 500000 if the gross profit reamain unchanged then what will be the value of closing stock on 31/3/2011? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Opening stock 30000 purchases 325000 sales 400000 and on 31/3/2011 opening stock 35000 purchases 420000 sales 500000 if the gross profit reamain unchanged then what will be the value of closing stock on 31/3/2011?.
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