Question

Calculate closing Stock and Cost of Goods sold: Opening Stock Rs 5,000; sales Rs.16,000; Carriage Inwards Rs.1,000; Sales Returns Rs.1,000; Gross profit Rs.6,000; Purchases Rs.10,000; purchase Returns Rs.900.

Answer 1

Cost of Goods Sold = Net Sales (Sales-Sales Return) – Gross Profit

= Rs.15, 000 – Rs.6, 000

= Rs.9, 000

                          TRADING ACCOUNT For the year ended………..