Find the value of closing stock Opening stock is rs.70000, Purchases is rs.416000, sales rs.522000, gross profit earned 25% of cost..... a.68400 b.36000. c.94500. d.none
25% on cost means 20% on sales so 522000-104400=417600 then prepare trading account 70000+416000-417600=68400
C is the answer...
25% on cost means 20% on invoice price and sales records on invoice price
Ans is B
@ Renuka ur ans is correct
Ans is C - 94500