Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Following information is available relating to a manufacturing concern:

<p>Cost of Goods Sold Rs.245,000 Purchases Rs.250,000 Freight Inward Rs.5,000 Closing Stock Rs.25,000 What will be the amount of Opening Stock? </p> <p>A) Rs.15,000 </p> <p>B) Rs.10,000 </p> <p>C) Rs.25,000 </p> <p>D) Rs.20,000</p>

user-image
Question added by Kamran Anjum , Head of Internal Audit , Rafhan Maize Products Company limited, Faisalabad, Pakistan, Ingredion Incorporated Gmbh
Date Posted: 2014/10/02
Deleted user
by Deleted user

A]15000

Sara Naeem
by Sara Naeem , Trainee Finance officer , Wah Brass Mill

Cost of goods sold = opening stock+ purchases +freight Inward - closing Stock

     245000             = opening Stock +250,000+5000 -25000

     245000             = opening stock +230,000

So,

Opening Stock =245,000-230,000

Opening Stock = Rs.15,000

 

Khaled Mohee Eldeen Abbas Mahmoud
by Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed

A

Khaled Abdelrehim ACCA DipIFR CMA
by Khaled Abdelrehim ACCA DipIFR CMA , Financial Analysis Assistant General Manager , Khalda Petroleum Company

RS15000

Divyesh Patel
by Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town

A) Rs.15,000

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

OPENING STOCK: RS.15000/-

Deleted user
by Deleted user

Rs.15,000 (option A)

Mir Mujtaba Ali
by Mir Mujtaba Ali , Internal Audit Manager , Confidential

a

FITAH MOHAMED
by FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

ANSWER A  

15000 RS

Malik Saleem Iqbal
by Malik Saleem Iqbal , Assistant Finance Manager , Ali Zaid Al-Quraishi & Brothers Co LTD

245+25-250-5=15k

More Questions Like This