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Following are the particulars of a company given to you.
(1) Receivable Turnover = 90 days (360 days a year)
(2) Inventory Turnover =3 times
(3) Payables Turnover = 3 months
(4) Gross Profit Ratio = 25%
The following are the additional information:
1. Gross profit for the year comes to Rs. 18,000.
2. Closing inventory is Rs. 2,000 above the opening stock.
3. Bills receivable amounted to Rs. 2,500
4. Bills Payable amounted to Rs. 1,000
Find out:
(A)Sales (B) Debtors (C) Closing Inventory (D)Sundry Creditors?
(1) Receivable Turnover = 90 days (360 days a year)
(2) Inventory Turnover =3 times
(3) Payables Turnover = 3 months
(4) Gross Profit Ratio = 25%
The following are the additional information:
1. Gross profit for the year comes to Rs. 18,000.
2. Closing inventory is Rs. 2,000 above the opening stock.
3. Bills receivable amounted to Rs. 2,500
4. Bills Payable amounted to Rs. 1,000
Find out:
(A)Sales (B) Debtors (C) Closing Inventory (D)Sundry Creditors?
Most Upvoted Answer
Following are the particulars of a company given to you. (1) Receivabl...
Calculating Sales, Debtors, Closing Inventory, and Sundry Creditors
Calculating Sales:
- Gross Profit = 25% of Sales
- Gross Profit = Rs. 18,000
- Therefore, Sales = Gross Profit / Gross Profit Ratio = Rs. 18,000 / 0.25 = Rs. 72,000
Calculating Debtors:
- Receivable Turnover = 90 days
- Debtors Turnover Ratio = 360 / Receivable Turnover = 360 / 90 = 4 times
- Average Debtors = Credit Sales / Debtors Turnover Ratio = Rs. 72,000 / 4 = Rs. 18,000
Calculating Closing Inventory:
- Inventory Turnover = 3 times
- Average Inventory = Cost of Goods Sold / Inventory Turnover = (Sales - Gross Profit) / Inventory Turnover = (Rs. 72,000 - Rs. 18,000) / 3 = Rs. 18,000
- Closing Inventory = Opening Inventory + Purchases - Cost of Goods Sold = Rs. 16,000 + Rs. 18,000 - (Rs. 72,000 - Rs. 18,000) = Rs. 2,000
Calculating Sundry Creditors:
- Payables Turnover = 3 months
- Creditors Turnover Ratio = 12 / Payables Turnover = 12 / 3 = 4 times
- Average Creditors = Credit Purchases / Creditors Turnover Ratio = (Rs. 72,000 - Rs. 18,000) / 4 = Rs. 13,500
Calculating Sales:
- Gross Profit = 25% of Sales
- Gross Profit = Rs. 18,000
- Therefore, Sales = Gross Profit / Gross Profit Ratio = Rs. 18,000 / 0.25 = Rs. 72,000
Calculating Debtors:
- Receivable Turnover = 90 days
- Debtors Turnover Ratio = 360 / Receivable Turnover = 360 / 90 = 4 times
- Average Debtors = Credit Sales / Debtors Turnover Ratio = Rs. 72,000 / 4 = Rs. 18,000
Calculating Closing Inventory:
- Inventory Turnover = 3 times
- Average Inventory = Cost of Goods Sold / Inventory Turnover = (Sales - Gross Profit) / Inventory Turnover = (Rs. 72,000 - Rs. 18,000) / 3 = Rs. 18,000
- Closing Inventory = Opening Inventory + Purchases - Cost of Goods Sold = Rs. 16,000 + Rs. 18,000 - (Rs. 72,000 - Rs. 18,000) = Rs. 2,000
Calculating Sundry Creditors:
- Payables Turnover = 3 months
- Creditors Turnover Ratio = 12 / Payables Turnover = 12 / 3 = 4 times
- Average Creditors = Credit Purchases / Creditors Turnover Ratio = (Rs. 72,000 - Rs. 18,000) / 4 = Rs. 13,500
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Following are the particulars of a company given to you. (1) Receivable Turnover = 90 days (360 days a year) (2) Inventory Turnover =3 times (3) Payables Turnover = 3 months (4) Gross Profit Ratio = 25% The following are the additional information:1. Gross profit for the year comes to Rs. 18,000.2. Closing inventory is Rs. 2,000 above the opening stock.3. Bills receivable amounted to Rs. 2,5004. Bills Payable amounted to Rs. 1,000Find out:(A)Sales (B) Debtors (C) Closing Inventory (D)Sundry Creditors?
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Following are the particulars of a company given to you. (1) Receivable Turnover = 90 days (360 days a year) (2) Inventory Turnover =3 times (3) Payables Turnover = 3 months (4) Gross Profit Ratio = 25% The following are the additional information:1. Gross profit for the year comes to Rs. 18,000.2. Closing inventory is Rs. 2,000 above the opening stock.3. Bills receivable amounted to Rs. 2,5004. Bills Payable amounted to Rs. 1,000Find out:(A)Sales (B) Debtors (C) Closing Inventory (D)Sundry Creditors? 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 Following are the particulars of a company given to you. (1) Receivable Turnover = 90 days (360 days a year) (2) Inventory Turnover =3 times (3) Payables Turnover = 3 months (4) Gross Profit Ratio = 25% The following are the additional information:1. Gross profit for the year comes to Rs. 18,000.2. Closing inventory is Rs. 2,000 above the opening stock.3. Bills receivable amounted to Rs. 2,5004. Bills Payable amounted to Rs. 1,000Find out:(A)Sales (B) Debtors (C) Closing Inventory (D)Sundry Creditors? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Following are the particulars of a company given to you. (1) Receivable Turnover = 90 days (360 days a year) (2) Inventory Turnover =3 times (3) Payables Turnover = 3 months (4) Gross Profit Ratio = 25% The following are the additional information:1. Gross profit for the year comes to Rs. 18,000.2. Closing inventory is Rs. 2,000 above the opening stock.3. Bills receivable amounted to Rs. 2,5004. Bills Payable amounted to Rs. 1,000Find out:(A)Sales (B) Debtors (C) Closing Inventory (D)Sundry Creditors?.
Following are the particulars of a company given to you. (1) Receivable Turnover = 90 days (360 days a year) (2) Inventory Turnover =3 times (3) Payables Turnover = 3 months (4) Gross Profit Ratio = 25% The following are the additional information:1. Gross profit for the year comes to Rs. 18,000.2. Closing inventory is Rs. 2,000 above the opening stock.3. Bills receivable amounted to Rs. 2,5004. Bills Payable amounted to Rs. 1,000Find out:(A)Sales (B) Debtors (C) Closing Inventory (D)Sundry Creditors? 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 Following are the particulars of a company given to you. (1) Receivable Turnover = 90 days (360 days a year) (2) Inventory Turnover =3 times (3) Payables Turnover = 3 months (4) Gross Profit Ratio = 25% The following are the additional information:1. Gross profit for the year comes to Rs. 18,000.2. Closing inventory is Rs. 2,000 above the opening stock.3. Bills receivable amounted to Rs. 2,5004. Bills Payable amounted to Rs. 1,000Find out:(A)Sales (B) Debtors (C) Closing Inventory (D)Sundry Creditors? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Following are the particulars of a company given to you. (1) Receivable Turnover = 90 days (360 days a year) (2) Inventory Turnover =3 times (3) Payables Turnover = 3 months (4) Gross Profit Ratio = 25% The following are the additional information:1. Gross profit for the year comes to Rs. 18,000.2. Closing inventory is Rs. 2,000 above the opening stock.3. Bills receivable amounted to Rs. 2,5004. Bills Payable amounted to Rs. 1,000Find out:(A)Sales (B) Debtors (C) Closing Inventory (D)Sundry Creditors?.
Solutions for Following are the particulars of a company given to you. (1) Receivable Turnover = 90 days (360 days a year) (2) Inventory Turnover =3 times (3) Payables Turnover = 3 months (4) Gross Profit Ratio = 25% The following are the additional information:1. Gross profit for the year comes to Rs. 18,000.2. Closing inventory is Rs. 2,000 above the opening stock.3. Bills receivable amounted to Rs. 2,5004. Bills Payable amounted to Rs. 1,000Find out:(A)Sales (B) Debtors (C) Closing Inventory (D)Sundry Creditors? in English & in Hindi are available as part of our courses for B Com.
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