Mathematics · Financial Accounting
A trader provides the following information for the financial year ended March 31: Opening Stock is Rs. 80,000; Purchases during the year are Rs. 6,00,000; Carriage Inward is Rs. 20,000; and Sales are Rs. 9,00,000. The trader maintains a uniform Gross Profit margin of 25% on Sales. During a physical verification, it was found that goods worth Rs. 10,000 were distributed as free samples and goods worth Rs. 5,00,000 were used by the proprietor for personal use. Neither of these has been recorded. Calculate the value of the Closing Stock that should appear in the Trading Account.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Rs. 20,000
- 2Rs. 15,000
- 3Rs. 25,000
- 4Rs. 10,000✓
Correct answer
Rs. 10,000
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