Question
(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,
(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
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