Question - 07

From the following balance extracted from the books of M/s Ahuja and Nanda calculate the amount of :

  1. Cost of goods available for sale 
  2. Cost of goods sold during the year 
  3. Gross profit 
Opening stock Rs. 25,000
Credit purchases Rs. 7,50,000
Cash Purchases Rs. 3,00,000
Credit sales Rs. 12,00,000
Wages Rs. 1,00,000
Salaries Rs. 1,40,000
Closing Stock Rs.  30,000
Sales return Rs. 50,000
Purchases return Rs. 10,000
Cash Sales Rs. 4,00,000.