1) Sales $.4,00,000 Gross Profit 10% on Sales Stock Velocity = 4 times Closing stock was $.10,000 in excess of opening stock. What will be value of closing stock? what will be gross profit?

2) Gand Bros. Sells goods on cash and credit terms and also purchased goods on cash and credit terms. The following particulars are obtained from their books. Particulars Amount ($) Total sales 500,000 Cash sales 40,000 Sales return 20,000 Debtors at the end 80,000 Bills receivables at the end 20,000 Reserves for Doubtful debts 1,000 Total purchases 300,000 Cash purchases 50,000 Purchase return 10,000 Creditors at the end 60,000 Bills payable at the end 20,000 Opening stock 50,000 Closing stock 40,000 Gross Profit - $ 100,000 and Fixed Assets $ 10,00,000 Answer the following Mention question by refer the above mention Table: What is a Cost of sale? What is ratio of stock Turnover? What is a net sale?

Particulars

Amount ($)

Total sales

500,000

Cash sales

40,000

Sales return

20,000

Debtors at the end

80,000

Bills receivables at the end

20,000

Reserves for Doubtful debts

1,000

Total purchases

300,000

Cash purchases

50,000

Purchase return

10,000

Creditors at the end

60,000

Bills payable at the end

20,000

Opening stock

50,000

Closing stock

40,000

Gross Profit - $ 100,000 and Fixed Assets $ 10,00,000

3) On April 01, 2021, Anees started business with $. 100,000 and other transactions for the month are: 2. Purchase Furniture for Cash $. 7,000. 8. Purchase Goods for Cash $. 2,000 and for Credit $. 1,000 from Khalid Retail Store. 14. Sold Goods to Khan Brothers $. 12,000 and Cash Sales $. 5,000. 18. Owner withdrew of worth $. 2,000 for personal use. 22. Paid Khalid Retail Store $. 500. 26. Received $. 10,000 from Khan Brothers 30. Paid Salaries Expense $. 2,000 Pass the Journal Entries and Post into particular ledgers.

4) Sales $14,900, Purchases $4,000, Debtor $2,000, Creditors $6,000, Salary $1,000, Commission $500, Building $5,000, Bank Overdraft $1,000, Cash at Bank $700, Return Inward $200, Discount Received $100, Bad Debts $300, Tax & Rates $100, Depreciation $200, Furniture $3,000, Cash in Hand $2,000 What will be opening Stock of above mention financial items.