(a) Given below is the information extracted from records of PPL Company, you are required to calculate the value of its closing stock.

Opening Stock, Rs. 16,000; Gross sales, Rs. 86,500;

Purchases, Rs. 76,000; Gross Profit rate, 27% on gross of sales

Sales returned 3.50% of sales Purchases Returned 4.80% of purchases

(b) From the following information extracted from the books accounts of Iqbal & Company, you are required to calculate the value of cost of goods sold.

Purchases Rs. 330,000 Purchases discounts 10% Opening inventory Rs.165,500 closing Inventory Rs.15,350 Freight out Rs.40,000 Taxes 10,500